City adopts new budget, tax rate and amends current year budget

The Breckenridge City Commission has approved a series of key financial measures for the city’s upcoming fiscal year, including the adoption of the FY 2025-2026 budget and a new property tax rate, as well as approving amendments to the current year’s budget. 

The Breckenridge City Commission has approved a series of key financial measures for the city’s upcoming fiscal year, including the adoption of the FY 2025-2026 budget and a new property tax rate, as well as approving amendments to the current year’s budget. 

The roll call votes took place at the Tuesday, Sept. 2 meeting, with commissioners being split. 

The FY 2025-2026 budget, totalling over $12 million across all funds, was adopted by a 3-2 vote. Mayor Bob Sims and Commissioners Blake Hamilton and Paul Huntington Jr. voted in favor, while Commissioners Greg Akers and Junior Fernandez opposed. 

Approved appropriations include:

• General Fund: $5,553,484.65
• Water Fund: $2,878,535.00
• Wastewater Fund: $1,518,673.00
• Sanitation Fund: $493,680.00
• Equipment Replacement: $449,210.00
• Street Maintenance Sales Tax Fund: $100,000.00
• General Debt Service Fund: $634,450.00
• Revenue Debt Service Fund: $650,546.00

The commission also adopted a new ad valorem rate of $1.02893 per $100 valuation broken down as a Maintenance & Operations (M&O) rate of $0.77154 and Debt Service of $0.25739. This vote also passed, 3-2, with Sims, Hamilton, Huntington in favor and Akers and Fernandez opposed. 

A separate resolution that ratifies the increase in property tax revenue as required by state law, passed unanimously. The budget will raise more total property taxes than last year’s budget by $78,037 (3.11%) and of that amount $24,0226 tax revenue was to be raised from new property added to the roll this year.

The adopted rate is lower than last year’s ($1.04471) but exceeds the no-new-revenue rate of $1.00219, resulting in the 3.11% increase in total property tax revenue. Since it falls short of the voter approval rate of $1.05906 per $100, an election is not required. 

The commission also approved amendments to the current FY 2024-2025 budget, reflecting increased revenues, grant allocations and departmental adjustments. The vote mirrored the budget adoption split, with Sims, Hamilton and Huntington voting yes, and Akers and Fernandez voting no. 

Notable changes include $296,383 in CDBG grant funding for street improvements, $75,000 transferred to the General Fund to Capital Projects, $22,282 added for firefighting equipment and $149,042 in interest income for Wastewater Capital Projects. 

As the city enters a new fiscal year, the commission’s decisions align with the strategic plan, setting the stage for continued infrastructure upgrades, departmental investments and continued financial oversight.