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Town manager outlines FY2026—7 budget proposal; tax rate proposed unchanged at $0.28
Summary
Town Manager Homer Dearman presented the proposed fiscal year 2026—7 budget, recommending the tax rate remain at 28 cents per $100 valuation and highlighting major revenue sources, capital projects including a $500,000 PARTF grant with a $771,000 town match for Covington Park, and spending priorities such as fire-department staffing.
Town Manager Homer Dearman presented the proposed fiscal-year 2026—7 budget, which would take effect July 1, 2026. The proposal keeps the town's property-tax rate at 28 cents per $100 of assessed valuation, unchanged from the previous year, and relies on property taxes as the largest revenue source (presented as roughly 34.48% of general-fund revenues).
Dearman identified fire-tax revenues, state-collected local revenues (including sales tax), and the license-plate agency as key revenue streams. He described an updated capital-improvement plan and highlighted several planned expenditures, including a PARTF grant-funded Covington Park project (a $500,000 grant requiring a $771,000 town match), public-safety equipment purchases and part-time firefighter allocations intended to increase shift coverage. He recommended a 3% cost-of-living adjustment for employees and outlined statutory steps for the public hearing and adoption schedule.
The council received the presentation and scheduled the required public hearing on the budget for the next regular meeting (June 8). Town staff said the proposal remains subject to council revision during the budget process and that adjustments will be necessary as county overlay and other funding issues become clear.
