Council members debate ordinance to move up to $15 million from tax stabilization to reassessment reserve

On July 22 the Finance Committee discussed ordinance 25-095, sponsored in the meeting by a council member on the floor, which would amend New Castle County Code Chapter 14 to require an annual July transfer of $5 million from the tax stabilization reserve to a tax reassessment account, up to a $15 million total transfer. The sponsor described the measure as a way to ensure funds are available for the county's periodic reassessment and to avoid imposing a large single-year charge on taxpayers when a reassessment occurs.

Councilman Cartier said he supported the intent but called the ordinance premature and said the county will not need another reassessment for five years; he also noted the tax stabilization account's purpose to stabilize tax rates and cover unanticipated expenses and therefore urged more time and review. Council members Tackett, Hollins, Koneko and Carter voiced support for saving for future reassessment costs and emphasized that the transferred funds would remain protected by the supermajority allocation requirement and could be reallocated back to the stabilization account if needed.

Council members asked about current balances and encumbrances in the reassessment reserve; during the discussion a council member recalled earlier balances (an earlier comment referenced roughly $30 million and later usage of about $17 million) while another speaker later said the balance was $1.2 million (the transcript shows both statements). Committee members requested clearer fiscal detail before any final vote; the transcript records discussion but does not record a final committee vote on Ordinance 25-095 at this meeting.

Ending: The item remained under consideration; council members asked for updated account balances and noted that the ordinance would be further reviewed before any final action.