HAMLET — Residents of the Seaboard City won’t see any rate increases this year if the proposed budget remains the same when passed next month.
City Manager John Terziu gave an overview of the budget for the 2026-2027 fiscal year — which keeps utility rates the same and lowers the property tax rate — to the Hamlet City Council during the May 12 meeting,
“The proposed budget reflects a disciplined approach, with expenditures reduced in comparison to the past four fiscal years,” Terziu said in the budget message. “Revenues have been budgeted conservatively, acknowledging anticipated cost increases across various sectors.”
The property tax rate will drop from $0.76 per $100 of valuation — where it has lingered since at least 2020, when the Richmond County Board of Commissioners changed sales tax distribution — to $0.74 per $100.
Even with lowering the rate, Terziu said the city is expected to generate an extra $50,000 from property taxes, which is the largest source of revenue.
“City staff and the City Council have worked collaboratively to prioritize investments in the community’s most critical needs while maintaining a strong commitment to fiscal responsibility and the effective stewardship of taxpayer dollars,” Terziu said.
Terziu said the city is also expecting a $35,000 increase in sales tax revenue.
“While sales tax collections have shown steady growth in recent years, that upward trend has recently begun to stabilize,” Terziu said. “Given this shift, maintaining a conservative projection for the upcoming fiscal year is a prudent approach. This will allow for mid-year adjustments as broader economic trends become clearer.
“Sustained economic growth will be essential to ensure that revenues continue to outpace expenditures,” he continued. “With continued cost pressure, consumer spending is expected to maintain a limited increase, contributing to slower growth in sales tax revenues.”
While there are no utility hikes, Terziu said that “future rate planning will be necessary to protect the Enterprise Fund and major water/wastewater infrastructure needs.”
The budget also calls for a 2% cost-of-living adjustment for all employees “to help maintain competitiveness in a tight labor market and to address the continued rise in wage expectations.”
Terziu said the budget “reflects a strategic focus on critical investments in both our workforce and core services,” and “prioritizes key operational enhancements.”
“These include contracting with engineering firms to address essential infrastructure repairs and acquiring new departmental equipment to enhance the ability of staff to serve and protect the community effectively,” Terziu said. “Consequently, capital improvement projects included in this budget are limited to those that address immediate and essential needs, ensuring we remain fiscally responsible while still advancing the City’s most pressing priorities.
“This budget prioritizes public safety, critical infrastructure, workforce retention, facility maintenance, and conservative revenue forecasting to ensure long-term stability.”
Departmental expenses show that many proposed allocations are recommended less than what was requested:
The budget is balanced at $11,370,050.
There will be a public hearing on the budget, prior to its adoption, at the council’s June 9 meeting prior. The budget is available for review at Hamlet City Hall during regular business hours and on the city’s website. It is also attached below.
