Summary
To: Town Commission
From: Gay Lancaster, Town Manager
Date: 9/3/2025
______________________________________________________________________
Subject: Proposed Budget Fiscal Year 2025-2026 First Public Hearing
Title
Summary:
Proposed Budget Fiscal Year 2025-2026
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Body
Previous Commission Action: The Town Commission previously approved the maximum millage rate of 6.9777. Subsequent discussions were held to review and discuss any changes to the preliminary budget.
Background/Problem Discussion: The Town Commission must approve a balanced budget.
Expenditure Challenges: Sufficient funds must be allocated to provide the services, maintain and improve the infrastructure, and support the quality of life desired by the residents of the Town. Ad valorem taxes are the main source of revenue to provide the necessary funds.
Financial Implications: The proposed budget for the 2025-2026 fiscal year, including reserves is $56,181,725, which represents an increase of $14,675,989 from the previous year. Most of the increase is due to State Appropriations totaling $11,122,000 for capital projects.
Recommendation: Staff recommends approval of the Tentative Budget for Fiscal Year 2025-2026.
Proposed Motion: I move approval of the Tentative Budget for Fiscal Year 2025-2026 Budget.