The Shadow
COVINGTON, Va. (VR) – The Covington City Council unanimously approved its fiscal year 2025-2026 budget during a meeting held Thursday evening, setting tax rates and appropriating funds for city operations without increasing tax rates. The council passed four key ordinances and a resolutions, establishing tax rates for personal property, real estate, and public service corporations while finalizing the city’s operating budget for the upcoming fiscal year.
Ordinance 2503 maintained the personal property tax rate at $3.08 per $100 of assessed value for tangible personal property and public service corporations. Machinery and tools will be taxed at $2.76 per $100, while mobile homes will be assessed at 85 cents per $100 of assessed value.
The real estate tax rate, outlined in Ordinance 2504, remains steady at 85 cents per $100 of assessed value for both real property and public service corporations’ real estate. The ordinances will take effect on July 1, 2025. Ordinance 2505 approved the city’s operating budget, with total appropriations of $24,499,540 for the general fund.
Additional fund allocations include $2,525,266 for the water fund, $2,473,836 for the sewer fund, $1,865,946 for solid waste, and $2,994,872 for school contributions. In a supplementary action, the council also approved a resolution amending appropriations by $93,532 for the Alleghany Foundation grant focused on commercial property assessment in the Alleghany Highlands economic development region.
The meeting, led by Mayor Carson, saw unanimous support from all attending council members. With Councilwoman Crowder, Councilman Hunter, Councilwoman Wolfe, and Vice Mayor Forbes on hand the entire city council was present for the important budget approval meeting.
City officials emphasized that these ordinances represented a customary annual budget process, and were pleased it did not contain a tax increase. The budget maintains consistent tax rates from previous years while providing funding for essential city services and infrastructure.
The fiscal year will run from July 1, 2025, to June 30, 2026, covering a comprehensive range of municipal operations and financial commitments. All ordinances and the resolution passed with a unanimous four-to-zero vote, reflecting a unified approach to the city’s financial planning for the upcoming fiscal year.
The budget approval represents a critical moment in the city’s financial governance, ensuring continued support for municipal services, infrastructure maintenance, and community development initiatives. Covington’s approach demonstrates a commitment to fiscal stability and transparent municipal management, providing residents with a clear understanding of the city’s financial strategy for the 2025-2026 fiscal year.
