City Manager Presents Revenue Projections as Council Prepares April Budget Hearings

City Manager Randy delivered the City of Bristol's second budget workshop on March 25, focusing on revenue projections that will underpin the FY2026 proposed budget and the schedule for public hearings and readings.

Randy said the proposed current real estate tax revenue rises from $14,600,000 in the current budget to $17,300,000 in the proposed budget, an increase of about $2.7 million. Other notable revenue changes presented included modest increases in personal property tax (from $4,193,000 to $4,620,000), increases in development‑of‑regional‑impact (DRI) tax projections (phase 2 and 3 real property taxes rising from $335,000 to $409,800), and an estimated near‑$1 million increase in lodging taxes (from $3,500,000 to $4,500,000).

Randy also flagged that penalties and interest revenue estimates had increased and that state sales‑tax receipts tied to DRI phases were expected to rise substantially. He cautioned council the projections for one major economic development item were based on only two months of receipts and that staff would continue to monitor performance and recommend adjustments if needed.

The manager reviewed the budget schedule: a public budget presentation and tax‑rate resolution are planned for April 8; the tax‑rate advertisement will publish March 29; the appropriation ordinance advertisement will publish April 12, with a public hearing April 22; first reading of the budget ordinance is scheduled May 13 and second reading and adoption for May 27.

Council members asked follow‑up questions about the tax rate used to produce the estimates and the average household impact; staff said the final tax rate would be confirmed the following day and that the average impact figure would be provided to council once calculated. Randy said staff would provide additional data to council members as requested.