The Town Council approved at a public hearing on Thursday a $127.3 million budget for 2025-26 – a nearly 7 percent increase in spending over this year’s spending plan.
The new budget, which takes effect October 1, is $8.1 million larger than this year’s budget, which is slightly over $119 million.
The council also approved on Thursday a property tax rate of $2.61 per $1,000 of taxable value. That’s the same rate the council approved last year. Because of an 8 percent increase in taxable property values, the rate will generate an additional $2.6 million, driving total property tax revenue to $85.7 million, according to the town…