Waynesboro council introduces 89¢ tax-rate ordinance, debates $60 million WHS financing and budget trade-offs

Waynesboro City Council on Monday introduced an ordinance to set the fiscal-year property tax rate at 89¢ and introduced a proposed FY2026 budget for final consideration on May 12, city officials said. Council discussion before the motions focused heavily on financing assumptions and timing for a proposed $60 million Waynesboro High School (WHS) improvement project and on trade-offs the city would face among public-safety hiring, employee pay and community-support funding.

City finance staff presented updated financing scenarios for the WHS project using a $60 million project cost, an assumed 20‑year bond term and a conservative 5% interest-rate assumption. Staff said that under that scenario the maximum annual debt-service payment would be roughly $4.8 million, and that the city already has about $1.9 million available toward a roughly $4.0 million architect/initial‑draw amount for the project. Staff recommended a spring 2026 borrowing to match early construction draws, noting payments and final tallies will depend on the actual bond sale interest rate and the penny value of real-estate assessments at the time of sale.

Councilmembers and staff discussed potential offsets and alternative financing: using an existing reimbursement resolution, pursuing a VDOE loan process that…