Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
New Market’s proposed FY2026–27 budget includes large water rate increases, 5% COLA for staff
Summary
The town revealed proposed FY2026–27 budgets that would raise in‑town and out‑of‑town base water rates by 23% and per‑1,000‑gallon water and sewer charges by 5%, while funding a second year of increases to prepare for a water tank loan and providing a 5% COLA for full‑time staff.
New Market presented its proposed Fiscal Year 2026–27 budget at a public hearing May 18, with officials saying the plan supports a second year of larger increases while preparing to finance a town water tank.
Town staff reported General Fund revenue of just over $3.6 million, an increase of $160,480 (about 4.58%) from the current amended budget, and an Enterprise Fund proposal of approximately $6,673,920. "The total revenue for the general fund is just over 3.6 million, which is an increase of $160,480 from current budget," Town staffer N. Garrison said during the presentation. The proposal includes a 5% cost‑of‑living adjustment for full‑time employees, a 12% health‑insurance increase, and reductions in the town’s VRS defined‑benefit contribution.
On utilities, Garrison said the town is in its second year of preparing for a water‑tank loan with the Virginia Resources Authority and presented specific rate changes: "The in‑town and out‑of‑town base water rates increasing 23%. The in‑town and out‑of‑town water rates per 1,000 gallons increasing 5%. In‑town base sewer rates and per 1,000 gallons increasing 5% each." Connection and tap fees were not proposed for an increase. Staff emphasized the Enterprise Fund covers planned capital outlay and that the water rate changes are intended to support debt service and ongoing operating expense pressures.
The budget will be considered again at least seven days after the public hearing; the council did not vote on the full budget at the May meeting. If adopted, residents would see the described increases tied to the town’s multi‑year financing plan for the water tank project.
