FY 2026 / 2027 Recommended Budget Now Available
During the Tuesday, May 12, 2026 Town Council meeting, Town Manager Kathryn Adams and Finance Director Helen Brank presented the Recommended FY 2026 - 2027 Budget. The Recommended Budget, along with the presentation materials and presentation video are now available to view by clicking the links provided below.
BUDGET HIGHLIGHTS
During the Budget Presentation, Finance Director Helen Brank noted several highlights in the Budget overview, including:
- This is Balanced Budget with No Tax Increase
- Increases in the Wastewater Service Fee of .96¢ cent per 1000 gallons, equating to a $3.84 increase to the base rate of 4000 gallons
- An increase in Solid Waste of $2.15 for Yard Debris Collection
- Of the $0.20 tax rate, $0.10 is designated for the Town’s General Operations, and $0.07 is designated for Fire Tax which was established in FY26. The remaining $0.03 is accounted for in the Beach Nourishment Fund (47) established for beach nourishment projects.
The Fund Balance continues to remain strong at approximately 90% for the General Fund. The Town’s General Fund Balance is in compliance with NCGS 159-8 and well over the Town’s internal policy to maintain a minimum total fund balance of 40%.
BUDGET PUBLIC HEARING
Now available to the public for review, the Town Council will receive public input and take possible action to approve the Budget during a Special Meeting, scheduled for Tuesday, May 26, 2026 at 6:00 PM in the Council Chambers, located on the second floor of Town Hall at 4601 E Oak Island Drive.
This Public Hearing will provide an opportunity for direct public input in the Budget Process, which officially began with the Town Council’s Budget Retreat in January of this year. During the Retreat, the Town Council identified funding priorities for the coming Fiscal Year, which Town Staff used to develop draft budgets for each department. These were then presented to the Town Council during a series of Budget Workshops held in April. The Recommended Budget(PDF, 113MB) is the result of the directives given by the Town Council during those Budget Workshops.
The Public Hearing will be open to the public and broadcast live on OKI-TV 8, as well as livestreamed on the Meetings Information page of the Town Website at OakIslandNC.gov/MEETINGS.
About The Budget
The Town is required to budget and spend money in accordance with the Local Government Budget and Fiscal Control Act (LGBFCA). Revenues and expenditures for the provision of general services are authorized in the annual budget ordinance. Revenues and expenditures for capital projects or the projects financed with grant proceeds are authorized in the annual budget ordinance.
The LGBFCA defines the annual budget as “a proposed plan for raising and spending money for specified programs, functions, activities, or objectives during a fiscal year. Town Council review the budget and enact it into law by adopting the annual budget ordinance. The fiscal year of operation is July 1 through June 30.
Click the tabs below to learn more about how the Budget is developed.
Budget Basics
The Annual Budget is a plan for how the Town will raise and spend money during a fiscal year. The Fiscal Year, or "Budget year" is a 12-month period in which the revenues and expenditures planned for in the Budget will apply.
NOTE: The Annual Budget operates on a fiscal year of July 1 through June 30.
The Budget is approved by the Town Council in passing of the Budget Ordinance, which is local legislation that levies taxes and appropriates revenues for specified purposes, functions, activities, or objectives during the fiscal year. The ordinance is adopted prior to the start of the next Fiscal Year, may be amended as needed throughout the year, with approval from the Town Council.
The Town of Oak Island is required to budget and spend money in accordance with the
Local Government Budget and Fiscal Control Act (LGBFCA). Revenues and expenditures for the provision of general services are authorized in the annual budget ordinance. Revenues and expenditures for capital projects or the projects financed with grant proceeds are authorized in the annual budget ordinance. The LGBFCA defines the annual budget as “
a proposed plan for raising and spending money for specified programs, functions, activities, or objectives during a fiscal year."
Budget Creation Process
The development of a yearly budget is a process that operates on a near continual basis. Each month revenues received are recorded and then analyzed to help project future revenues on which the next year's budget can be developed.
Management staff meets with each department head twice; once to identify preliminary budgetary needs, and then a final meeting to bring forth recommendations for Council approval. the Town Council and staff hold several "Budget Workshops" together, where each department’s needs and requests are reviewed, along with an overview of all capital and staffing needs.
At the last workshop, staff review all departments and go over recommended fee changes, staffing levels, 3 Year Capital Improvement Plan(s) and ARP Funding.
Budget Development timeline
The timeline for publicly developing, presenting, and approving a yearly budget usually falls along the following schedule:
- JANUARY: During the annual Town Council Retreat, the Council sets out goals and priorities for the coming year, which they would like the Town's spending to focus on.
- FEBRUARY - MARCH: The Town Manager and Finance Director work closely together with department heads to identify capital needs, and potential areas of cost-savings.
- APRIL: The Town Council hosts several "Budget Workshops" where the Town Manager and Finance Director present the needs and priorities of all departments and services. The Town Council provides directives on where to increase or decrease spending for the final draft of the Recommended Budget.
- MAY: The Town Council holds a special meeting in which the Recommended Budget for the coming fiscal year is formally presented to both the Council and the public. This releases the Recommended Budget to the public, providing the opportunity to review the budget before a public hearing is held.
- MAY / JUNE: The Town Council holds a public hearing, to receive input from residents on the Recommended Budget. The Council then votes to accept the Recommended Budget as-is, or provide directives on any further changes they would like made. Council approves a final Budget and enacts it into law by the end of June, to allow for it to take effect by the start of the new fiscal year on July 1.
Click the links below to view the current and previous years Budget.