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Ocean View introduces FY26 budget and readies water-sale closing; grants awarded for security and outdoor classroom
Summary
Council introduced the 2026 operating and capital budgets for first reading, reported 99.76% property tax collections through Feb. 28, and said the Public Service Commission approved sale of the town's water distribution system to 'TI water utilities' with a closing anticipated April 1; staff also announced grants for access controls and an outdoor classroom.
The Ocean View council introduced the proposed 2026 annual operating budget for first reading, with an amount read in the record as 6,377,000, and a five‑year capital expenditures plan also introduced for review. Both motions were seconded during the meeting; the introductions set the budgets up for later consideration and adoption.
In the financial update dated Feb. 28, 2025, staff reported property tax collections at 99.76% and said the emergency reserve trust balance was $1,176,43 (as read in the record). Staff said revenues were $92,000 over budget, driven by new home construction and transfer taxes; the town reported 17 new construction permits, 41 land sales and 86 resales through February.
Staff also reported that on Feb. 19 the Public Service Commission approved the Town of Ocean View's sale of its water distribution system assets to "TI water utilities." The transcript records a purchase price read as "4,676"; the town is working with bond and legal counsel on closing and debt payoff and had an anticipated closing date of April 1. (Clarifying note: the purchase-price figure appears truncated in the meeting record and is recorded in clarifying_details.)
The council heard that a grant of $62,265 was awarded to expand access controls at 2011 Central and that a separate $40,000 grant was approved to develop an outdoor classroom/meeting space at B's Natural Area; staff said they will expand card access at 2011 Central using grant funds and capital reserves.
Staff and a consultant from PFN Financial Advisers presented options from a finance assessment, recommending reserve‑policy work, compensation and risk analysis in FY26, and the creation of a tax-rate stabilization fund using one-time proceeds from the water sale. No final adoption votes on the operating or capital budgets were recorded at the meeting; the introductions move the items forward in the budget process.
The council is scheduled to consider ordinances and final budget action at upcoming meetings as required by the town's timetable.
