Development News for Hickory, North Carolina

Hickory City Council Approves $159 Million Annual Budget for FY 2026-2027

The Hickory City Council reviewed and approved the recommended annual budget for FY 2026-2027. The budget totals $159 million, representing a 2.3% increase from the previous year. Key areas of expenditure include core city services like public safety, streets, solid waste, water, sewer, and debt service, which constitute 77% of the budget. The general fund, water and sewer fund, and solid waste fund make up 80% of the overall budget activity. Several budget adjustments and initiatives were discussed, including increased funding for street resurfacing, street lighting, and sidewalk projects. The budget also reflects changes in capital reserves due to fewer large projects this year. The city's property tax base has doubled in the last 10 years, with commercial and industrial properties forming a larger portion (58%) than residential properties (42%). A proposed change to the water and sewer rate structure, moving towards a conservation-based system, was presented to address rising costs and encourage conservation, with greater users potentially paying more. The solid waste fund is projected to be self-supporting for the first time in 30 years with a proposed fee increase from $29 to $30 per month. The city also highlighted significant grant funding secured over the past decade, totaling $227 million, which aids in supporting various projects and maintaining a healthy fund balance, currently at 34%, exceeding the 25% policy. The council unanimously approved the recommended budget.