Oxford holds first reading of FY2025-26 budget; no property tax increase proposed

Oxford city staff presented the proposed fiscal year 2025–26 budget at a public hearing and said the city does not plan a tax-rate increase. Ashley, who presented the budget documents, told the board the municipal millage would remain at 32.65 mills and the school millage at 61.51 mills; she said any higher tax bills seen by homeowners would be driven by higher property valuations, not a city-rate increase.

Ashley described revenue and expense trends: sales tax receipts were running roughly 5% higher year-over-year, food and beverage taxes were projecting a double-digit increase, hotel/motel taxes were down about 3%, and general-fund expenses were projected to rise about 6%. She said public safety accounts for roughly 51% of total general-fund spending and that capital projects account for roughly $9.7 million of the budget.

One transcript passage on assessed value appeared garbled. Ashley said assessed value rose from approximately $529.7 million to about $658.0 million — an increase she characterized repeatedly as roughly $128 million — but a numeric string that appears in the transcript ("128,000,329,490") is implausible and likely a transcription error; reporting here follows the intent stated by staff that the assessed value rose by about $128 million to $658,033,737.

This was the first reading and public hearing; the board scheduled a recessed/special meeting for Sept. 10 to set the millage and adopt the budget. No formal adoption occurred at the meeting.

What happens next: the board will reconvene in a recessed meeting on Sept. 10 to set the tax rate and adopt the FY2025-26 budget, if approved.