Princeton sets June 16 public hearing on FY 2025‑26 budget, proposes 47¢ tax rate

The Town of Princeton Board of Commissioners on June 2 set a public hearing for June 16 on the proposed fiscal year 2025‑26 budget and recommended a tax rate of 47 cents per $100 valuation. The motion to set the hearing and move the budget forward passed 4-0.

Town Administrator T. A. King presented the recommended budget, which staff said is balanced and prepared in accordance with North Carolina General Statute 159‑12. The proposed general‑fund budget totals $2,017,972 with a contingency of $111,923. The water and sewer fund is shown as balanced at $1,580,928 with reserves of $136,953. The proposal reduces the town’s ad valorem tax rate from 55 cents to 47 cents (an 8‑cent reduction from FY24‑25) while projecting a $327,802 increase in ad valorem revenue because of higher valuations; the fire tax rate was proposed to drop from 14 cents to 12 cents (subject to county changes), producing an estimated $63,211 increase in fire‑department revenue year over year despite the lower rate.

Other items in the packet included a proposed $1.50 increase in garbage collection, the purchase of one new Dodge Durango for the police department, a proposed increase in utility capacity fees (water and sewer) for new development and an increase in the utility service deposit to $150. Staff said the budget includes salary adjustments recommended earlier in the process and that the final adoption is scheduled for the June 16 meeting following the public hearing and required 10‑day advertisement.

Commissioners discussed fund‑balance targets established by a prior board, long‑term fiscal planning and the tradeoffs between holding reserves and reducing the immediate tax burden. After deliberation the board voted to schedule the public hearing on June 16 and to advertise the proposed budget at a 47‑cent tax rate.