The City of Carmel is preparing to reduce staff, increase efficiency and pay off capital leases next year to mitigate some of the financial impact caused by the state’s new property tax law.
Carmel Mayor Sue Finkam and Carmel Chief Financial Officer Zac Jackson presented the city’s proposed 2026 budget to the Carmel City Council during a special meeting Sept. 8.
The budget projects $144 million in general fund revenues in 2026, a 2 percent decrease from the total expected to be collected this year. Finkam and Jackson said the implementation of Senate Enrolled Act 1, which aims to lower Hoosier property taxes, means the city anticipates collecting $3.8 million less in tax revenue in 2026 than previously projected…