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Smithfield council adopts $58.5M FY 2026–27 budget; property tax rate held at $0.45
Summary
After a public hearing with no substantive oral comments, the Smithfield Town Council unanimously adopted the interim manager's FY 2026–27 budget totaling $58,462,433, held the property tax rate at $0.45 per $100 valuation and approved the accompanying fee schedule.
The Smithfield Town Council on June 1 unanimously adopted the interim town manager's proposed fiscal year 2026–27 budget and fee schedule following a public hearing.
Town staff summarized the proposed numbers: a total budget of $58,462,433, with a general fund of approximately $24,798,990 and a water/sewer fund near $14,291,190. The electric fund was presented at $19,445,144. Staff said property tax was proposed to remain at $0.45 per $100 valuation and projected a 98% collection rate for property taxes and the municipal service district (MSD) assessment.
Budget highlights included no proposed utility rate increases in the near term, a 2% merit pool for full-time staff, and four new positions embedded in the budget: three battalion chiefs (reorganization of the fire department) and one facility maintenance employee in parks and recreation. Staff also noted debt-service items, ongoing capital projects (including a ladder fire truck and a knuckleboom truck) and a contingency of about $283,000 within the general fund.
During the hearing no members of the public offered substantive budget comments, and the council, after closing the hearing, moved to adopt the budget and the fee schedule. The council approved both measures by unanimous voice vote.
Next steps: staff will post budget documents as appropriate and begin implementation of capital and operational items approved for the new fiscal year.
