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Finance committee reviews proposed 2026 budget, flags insurance hikes and town-center transfer
Summary
The Holly Springs Finance Administration Committee reviewed the proposed 2026 budget, noting steep insurance cost increases (health +33%) and a $300,000 transfer to the town center fund; no new personnel are budgeted and the committee approved sending the plan on to council.
Speaker 1, presenting the proposed 2026 budget to the Finance Administration Committee, said the proposal includes sizable benefit-cost increases — health insurance up 33%, dental up 5%, long-term disability up 5% and workers' compensation up 10% — and that there are no new personnel budgeted for next year.
"I have included in there with the expenditures, health insurance increase of 33% this year," Speaker 1 said, and later added that a one-time $200,000 increase in revenues was recorded after the insurance premium tax payment came in higher than expected. Speaker 1 gave the proposed general fund total as $17,500,000, a $1,000,000 increase from the prior year.
The presentation laid out a number of fund-level allocations: a $300,000 transfer from the general fund to the town center fund and just over $500,000 to the debt service fund; a Parks and Recreation proposed budget of $510,000 including a $179,370 transfer for the final payment on a $3,200,000 park bond expected in 2026; and Fund 272 (tax allocation district/URA) budgeted at $735,000 composed of tax increment allocations from Cherokee County School District ($455,500), Cherokee County ($142,500) and the city ($137,000).
Speaker 1 said the town center fund is proposed at $15,300,000 for site improvements, city hall, a parking deck and professional services, funded by the $300,000 general-fund transfer and URA bond series (2023 and 2025). "We have 7 in 2023 and about 20. Yeah. So 27,000,000," Speaker 1 said when asked about available banked proceeds being held at US Bank.
On the revenue side, committee members discussed the timing of a referenced tax/referral (referred to in the record as "T Sploss"). Committee members (Speakers 1 and 3) confirmed related revenues would start next year if the measure passes; if it does not, projects would remain in the queue.
Speaker 1 also described the debt service fund (proposed $3,570,000) to cover principal and interest on URA and park authority bonds, funded by lot-sale proceeds from Stonecrest Homes and tax-increment and general-fund transfers. The stormwater utility fund was presented at $675,000 for annual citywide stormwater repair and maintenance.
Next steps: Speaker 1 said the public hearing is scheduled for November 6 and the City Council adoption date is set for November 17; the committee approved sending the reviewed items forward to council for the public hearing.
Ending: The committee approved the reviewed budget items to proceed to council consideration; the public hearing and adoption dates were reiterated.
