The Proposed FY 2025-2027 Annual Operating Budget
May 19, 2026
Click here to watch the Board of Commissioners meeting recording. (28:28)
Overall, I am pleased with the proposed FY 2026-2027 budget, but I do have a concern that I’d like to bring before you tonight.
It was said in the May 5 work session that Wake Forest is anticipating fiscal hardship in the coming years, mostly due to inflation and pending legislation in the General Assembly, namely a Constitutional Amendment restricting local governments from raising property tax rates.
I appreciate that, despite the fact that the Town receives 36% of funds from ad valorum taxes, this budget does not raise local property taxes. Moreover, it lowers the Municipal Service District tax rate, and the stormwater and vehicle fees do not change. This lessens the tax burden on residents, and our community will thank you for it.
As the Town predicts fiscal hardship, I want the Town to keep in mind that when there is a predicted lack of future funds, responsible individuals should immediately sit down, check the condition of their accounts, weigh the reality of the data carefully, then they should move ahead with fiscal caution. Less responsible people who do not prepare for a rainy day devour their wealth, and are consequently left with nothing when their accounts run dry.
We are taught by our wiser elders, economics, and consumer mathematics to practice fiscal responsibility – to not spend what we don’t have, set aside portions of our income to save for the future, and minimize debts. A government whose funds are derived from the taxpayers should be equally if not more fiscally responsible.
When we pay taxes to the Town, we expect the Town to treat our money wisely, appropriately, and with every penny accounted for. Especially as we approach the possible fiscal shortfall, a government must become highly aware of actual and legitimate needs instead of wants. We should not abandon sound economic principles as we near a time of caution.
I am concerned that the Town will not tighten its belt or exercise enough restraint. Therefore, I strongly suggest the Town plans ahead, budgets diligently, and avoids spending above its means.
Thank you for your time.