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Accountant reports FY26 draft budget nearly balanced; $4,000 deficit and homestead-exemption risk
Summary
Accountant Andy Tess told the board the FY26 draft budget is close to breaking even with a $4,000 deficit; he said a proposed constitutional amendment to raise the homestead exemption could alter the town's timeline for capital projects and that FEMA reimbursements are pending.
Accountant Andy Tess presented the FY26 draft budget documents at the June 24 workshop, explaining the millage rate assumptions and the estimate of taxable value underlying revenue projections. Tess reported the town was close to breaking even on total revenues and expenditures, with a reported $4,000 deficit in the current draft.
Tess said the town could adjust the timing of scheduled capital improvement projects if a proposed constitutional amendment to increase the homestead exemption passes, because such a change would affect taxable values and revenues. He also noted the town is awaiting FEMA reimbursements as FEMA closes out projects, which could affect available funds once received.
