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Waterville holds public hearing on 2026 appropriations; income tax estimate raised
Summary
At a Jan. 12 public hearing, the City of Waterville reviewed a proposed 2026 appropriations ordinance: officials reported stronger income tax collections, a reduced need for interfund transfers, and projected grant revenues that will affect the final budget to be voted Jan. 26.
The City of Waterville council opened a public hearing on its proposed 2026 appropriations ordinance on Jan. 12, 2026. Administrator John told the council the city will revise its 2026 income tax estimate upward to roughly $5,422,064 from an original $5,306,530 after stronger‑than‑expected collections.
Finance Director Tiffany reported the Nov. month‑end balance of $12,412,983.74 and explained a roughly $1.3 million decrease in available funds, driven by large outlays including a debt service payment and a recent real‑estate purchase. Tiffany said income tax collections were up 4.23% year‑to‑date and pointed the council to packet details including check numbers tied to significant payments.
Administrator John told council that interfund transfers will drop from about $1,045,000 in 2025 to about $490,000 in 2026, and that the city expects approximately $1,745,163 in grant revenue for 2026. John said those adjustments and recognized revenue will be reflected in a revised budget estimate to be presented at the Jan. 26 meeting, with a goal of passing the appropriations ordinance then so the city can implement projects in the new fiscal year.
The public hearing was opened and closed at the Jan. 12 meeting with no substantive public testimony recorded on the budget in the transcript. Council indicated staff would return with revised estimates and supporting documentation at the Jan. 26 session.
