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Council and related authorities adopt tentative FY2025–26 budgets; CDRA forecasts early Costco payoff
Summary
Saratoga Springs City Council, the Community Development and Renewal Agency (CDRA) and the Local Building Authority (LBA) held public hearings and adopted tentative fiscal 2025–26 budgets with no tax increase; CDRA staff said current sales-tax collections could allow paying off Costco-related debt in 2026.
Saratoga Springs city officials on March 18 held back-to-back public hearings and adopted tentative fiscal year 2025–26 budgets for the City, the Community Development and Renewal Agency (CDRA) and the Local Building Authority (LBA); staff said no city tax increase is included in the tentative city budget.
City finance staff presented the tentative city budget and pay plan and confirmed there were no changes since the prior council meeting. City leaders emphasized there will be no municipal tax increase in the tentative 2025–26 plan; one council member noted the city has implemented property‑tax reductions in prior years and that other entities’ levies may affect homeowners’ total tax bills.
During the CDRA hearing, staff said the agency’s current sales-tax collection trajectory could allow an early payoff of the Costco-related obligation around 2026. The LBA discussed its budget tied primarily to paying the principal and interest for the new city hall/library bond; trustees said the LBA budget is limited to debt-service and related items.
Public hearings drew no speakers on the budget items and the council, CDRA board and LBA trustees each approved their tentative budgets by unanimous votes. Council members recessed for the CDRA and LBA hearings and reconvened the regular council meeting after both hearings concluded.
