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Poquoson staff review FY25 finances as groundwork for FY26 budget
Summary
City staff reviewed the adopted FY25 general fund revenues and expenditures, highlighted real estate taxes as the largest revenue source, and outlined key items and dates for FY26 budget development, including a reassessment year and school budget timing.
Poquoson City staff presented a review of the fiscal year 2025 budget and laid out the schedule and major issues the city will use to develop the FY26 budget.
The fiscal review was given by Tara Woodruff, director of finance, and framed by City Manager Randy Wheeler as a pre-budget work session to remind council and the public how FY25 was constructed before discussing FY26. Woodruff said the city will walk through general fund revenues and expenses, how the adopted school budget fits into the total, and then take questions.
The presentation showed that general property taxes are the largest single revenue source, accounting for roughly 73.2% of general fund revenue. Woodruff said new residential development and a 3¢ tax increase contributed to growth in FY25; she also noted that tax relief and deferral programs—particularly for disabled veterans and elderly households—are a growing component of property-tax-related expenditures. “Our general property taxes, are our largest revenue source,” Woodruff said.
Woodruff and Wheeler described other revenue drivers: state…
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