Matthews board hears FY2025–26 budget with 1.3¢ tax increase to start repaying $11M parks bond

The Matthews Board of Commissioners on May 27 heard the town manager'recommended FY2025'26 budget that would add 1.3 cents to the property tax rate to begin repaying an $11 million general obligation bond for parks and related improvements.

Town Manager Becky Hawk presented the recommended budget, saying the 1.3¢ would raise the tax rate to 27.95¢ per $100 of assessed value and is specifically allocated to debt service on the bond issued in April to fund park design and construction. "When you add the 1.3¢ to it, that will bring it to 27.95¢ per hundred," Hawk said, explaining the tax impact for the average Matthews home (assessed at $429,275) would be about $55.81 a year, or $4.65 a month.

Hawk also told the board the budget includes a stormwater fee increase approved earlier by the board (tiered by impervious area) and a combined 6% employee compensation pool made up of a 3% cost-of-living adjustment and a 3% merit pool.…