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Hampton County holds first reading of FY2026 budget (title only) and authorizes tax anticipation note up to $1.5 million
Summary
Council approved first reading by title only of the fiscal year 2026 budget and authorized first reading to issue a tax anticipation note (TAN) not to exceed $1.5 million; staff said the TAN would address typical mid-year cash-flow timing.
Hampton County Council gave first reading by title only to the fiscal year 2026 budget and authorized the first reading of an ordinance to issue a tax anticipation note (TAN) not to exceed $1.5 million.
County finance staff told the council the FY2026 budget presentation was being submitted as a title-only first reading while staff continued to finalize numbers with department heads. The staff said they are still crunching numbers, have met with department heads since their presentations, and are prioritizing reductions in some areas. The council approved the title-only first reading to allow staff additional time to finalize a comprehensive recommended budget.
On the TAN, staff said the county has used tax anticipation notes in prior years to cover temporary cash-flow timing gaps between tax collection periods (last year’s TAN was about $3 million and was repaid early). Based on current projections, staff presented $1.5 million as a comfortable amount to bridge expected mid-year cash-flow tightness; an RFP will be issued to area banks to obtain the TAN. The council moved and approved first reading to authorize the TAN up to $1.5 million.
Both actions were approved by voice vote; the meeting record shows no roll-call vote tallies in the transcript.
