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Wadesboro council adopts $10.75 million FY 2026–27 budget and raises property tax rate 9 cents
Summary
Wadesboro’s town council adopted a $10,746,924 budget for fiscal 2026–2027 and approved a 9-cent property tax increase — from 0.616 to 0.706 per $100 of assessed value — to help offset an estimated $1.1 million revenue shortfall tied to House Bill 889.
A staff member presented the Town of Wadesboro’s proposed fiscal year 2026–2027 budget to the town council and recommended adoption. Mayor Davis participated virtually. The presenter said the proposed budget totals $10,746,924 and combines the general fund with the enterprise water and sewer fund.
The staff member told the council that action by the North Carolina General Assembly — House Bill 889 — put a moratorium on revaluation for 2026 and created an estimated revenue loss of about $1.1 million for the town. To address the shortfall, staff recommended raising the property tax rate by 9 cents, from 0.616 to 0.706 per $100 of assessed value. "An assessed property of value of $100,000 will see an annual increase of $90 for the year," the presenter said. Staff estimated the rate change would generate approximately $279,123 in additional revenue based on the town’s projected collection rate.
Council also heard that, to meet North Carolina’s balanced-budget requirement, the town would appropriate $582,246 from the available fund balance; staff said the town would continue monitoring revenues and could recommend adjustments during the fiscal year if needed. The presenter closed by asking council to refer to the budget ordinance on the provided agenda page for the text of the ordinance and line-item details.
Council moved to approve the budget. The motion passed; the transcript records the action as "Passes unanimously." The transcript does not include a roll-call tally or the names of the motion maker and seconder.
Why it matters: The increase directly affects property owners in Wadesboro and funds municipal services and water/sewer operations for the coming year. The change also reflects broader state-level decisions (House Bill 889) that the presenter said reduced local revenue.
What’s next: The budget ordinance adopted by the council governs town spending for the coming fiscal year; staff said it will continue to monitor revenues and expenditures and recommend adjustments if necessary.
