Finance Committee reviews Mayor Carney's proposed $201 million budget for FY26

Wilmington's Finance Committee convened on April 21, 2025, to discuss the proposed FY2026 budget, which includes significant changes affecting local residents and services. Mayor Carney's budget proposal features a zero property tax rate, a 6.5% increase in water and sewer rates, and a 6% increase in stormwater rates. Additionally, a $2.5 million transfer from the tax stabilization fund to the neighborhood stabilization fund is earmarked for various community initiatives, including $500,000 for the Wilmington Neighborhood Conservancy Land Bank and $2 million for a home repair program.

The proposed general fund budget totals $201 million, reflecting an increase of $7.6 million, while the water and sewer fund budget is set at $95 million, up by $5.2 million. Notably, the general fund budget anticipates a surplus of $2.8 million. Key items for discussion include a $4 million allocation for emergency medical services (EMS), which will fund three new EMS positions and a civilian role, as well as costs associated with the service.

Another critical topic is the mandated property tax reassessment, which may lead to increased taxes for some residential properties while potentially lowering taxes for commercial properties. This reassessment is being conducted by Tyler Technologies under the authority of New Castle County. The council is keen to explore options for financial assistance to mitigate the impact on residents.

Lastly, the proposed water and sewer rates, although lower than recommendations from the Utility Citizens Advisory Board, will be scrutinized in light of rising costs, including utility bills and property taxes. The committee emphasized the importance of these discussions, as they will shape the financial landscape of Wilmington and its services in the coming fiscal year.