CARMEL, Ind — Carmel has a spending plan for next year.
At a Monday night meeting, council members approved the city’s 2027 budget proposal, which focuses on infrastructure needs, public safety and essential services, according to a news release.
The approved budget totals $252.4 million, with a general fund of $152.6 million, the release said.
Carmel Mayor Sue Finkam addressed council before the vote, telling members that residents rely on the government for certain things.
“Residents should be able to count on us to take care of their city and keep the cost of living here at the center of our decisions,” she said. “This budget honors both responsibilities.”
The approved budget invests in public safety with continued funding for first responders including compensation the city called competitive and modern equipment for the police and fire departments. It also includes stormwater improvements, road and pathway maintenance and neighborhood preservation.
Carmel will see an impact from the state’s property tax overhaul. The city said it projects about $13 million less in property tax funding next year than it would have had without the overhaul. Officials said the city will maintain its existing property tax rate, and Carmel residents who had their net assessed value reduced will pay lower property taxes to the city.
In a budget proposal presentation to council, officials said the city’s overall net assessed value will drop next year, which will result in lower property tax revenues. Local income tax revenues are estimated to be about $5.7 million short compared to the tax backed debt payments in 2027. To make up for those shortfalls, the 2027 budget includes an increase in the general fund appropriation for debt service in the Finance Department.
The budget also includes a 3% cost of living adjustment for all city employees and a 4.1% increase in the city’s health insurance premiums.
With the general fund revenue projected to be more than $152.7 million and the general fund budget calling for more than $152.6 million, the 2027 budget will leave Carmel with a total surplus of $50,164.
