Princeton staff preview 2025–26 budget: tax-rate options, proposed salary increases, water rate and vehicle requests

Town Administrator Paul (presenting the budget packet May 5) told the Princeton Board of Commissioners the draft FY 2025–26 general fund budget is balanced under one scenario and outlined several policy choices for the board.

Key proposals and figures Paul presented include:

- Tax-rate options: Administrator noted the town’s net assessed valuation is in the order of hundreds of millions and that, based on the most recent county assessment scroll, “1 cent equals $16,989” for Princeton. He said the board could reduce the rate to about 38.5 cents and still yield the same ad valorem revenue as the current year; his balanced-budget scenario used a 50-cent rate. He recommended not setting the tax rate below 50 cents for planning and reserve purposes.

- Water and sewer: Paul recommended a 7% water-rate increase to match Johnston County’s proposed bulk rate rise; his draft uses a 7% increase to offset higher county charges and…