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Princeton adopts FY26'27 budget; staff reports no tax increase and lists reserves and capital priorities
Summary
The board closed the public hearing and adopted the fiscal year 26'27 operating budget after a public presentation that staff said is balanced and includes no tax increase; staff listed contingency and reserve figures and noted capital items including a shared public works truck and a leaf machine.
The Town of Princeton closed its public hearing and adopted the fiscal year 26'27 budget during the June 1 meeting after staff presented the proposed operating plan and answered questions from the board.
Staff told the board the recommended budget is balanced in accordance with the North Carolina General Statutes and reflected board priorities and department needs. At the presentation staff stated there would be no tax increase in the proposed budget. Reported figures in the presentation included a general-fund contingency of $121,479 and a water-and-sewer fund balance reported as $1,337,737. Staff also said the water reserve is $56,000 and the sewer reserve is $35,000. Capital outlay in the general fund included $63,185 (a split amount for a public-works truck and a leaf machine); staff said they are pursuing grant funds to cover half of the truck but have budgeted the full purchase in case grant funding does not materialize.
Board members asked questions about revenue lines, community-building rental projections (based on roughly 70 rentals), trash and sanitation expense changes, dump-truck upkeep and a proposed approach to allocating vehicle-tag and POW-bill revenues for debt service. Staff described a plan to use specific fee funds for park maintenance and to continue seeking grant matches for park and site work.
After discussion the board voted to close the public hearing and adopt the budget; the transcript records the motions and indicates passage ("Motion passes" recorded during the meeting). Staff said unspent contingency would return to the fund balance. The board thanked staff for preparing what several members described as a straightforward budget.
Notes: some numeric totals read from the packet were partially garbled in the recorded transcript; amounts quoted above use values that were clearly stated in the meeting. Where the transcript did not include a complete clear figure the article notes the item in descriptive terms rather than asserting an exact total.
