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Taos finance staff present FY26 budget preview; council to hold public hearing before final adoption
Summary
Finance staff presented a preview of the FY26 budget, projecting about 2.5% growth in gross receipts tax collections and a 5.45% rise in expenditures driven by retirement and medical cost increases.
Town finance staff presented a budget overview and timeline at the May 27 workshop, outlining revenue and expenditure assumptions for the fiscal year and next steps before final adoption.
Staff said gross receipts tax (GRT) collections are projected to rise about 2.5% for the budget period; staff characterized the change as a projection of collections, not a change in the tax rate itself. Expenditures were shown to increase roughly 5.45% in the draft, driven in part by mandated public-employee retirement (PERA/PEBA) contributions in a multiyear phase‑in and higher medical insurance costs (staff cited a projected 10% medical increase in benefits costs).
Finance staff said the town is in the final year of a multiyear retirement contribution increase and that year‑to‑year adjustments would be reflected in the final budget. The presentation included a snapshot of property tax and municipal enterprise revenues and a summary of capital projects and reserves. Staff projected a positive net position in their draft presentation (presentation figure cited in the meeting as a surplus of roughly $1.51 million) and reminded council the numbers are estimates that will be finalized after certified values and June collections are available.
Council members and staff discussed a variety of details, including the composition of the GRT rate (state, county, and town shares) and the need for a public hearing. Staff said the final budget will be posted to the town website and that a public hearing and formal adoption will follow the required notice period.
No final budget adoption occurred at the May 27 meeting; council voted to continue with the budget calendar and directed staff to bring a final package for a hearing and adoption.
