Board of Finance sets new mill rate | Southington Observer

Board of Finance sets new mill rate

May 15, 2014

The Board of Finance voted unanimously to set the mill rate for the new fiscal year that will result in a tax increase of 3.3 percent.

During a meeting Wednesday night, the finance board approved a mill rate of 28.36 mills, an increase of .9 over the adopted mill rate of 27.46 mills. Last year, there was a 0 percent increase in taxes.

The increase comes after the Town Manager/General Government budget and Board of Education budget were passed as presented. The overall expenditure for the town is $138,608,727, or a 7.2 percent increase of $9.3 million, said Board of Finance Chairman John Leary.

The new school board budget is a total of $87,072,005, which reflects an increase of 3.4 percent or $2.8 million over this year’s adopted budget. The new General Government/Town Manager budget is $51.5 million, which represents an increase of 14.3 percent or $6.5 million.

However, the budget proposal includes a one-time capital expenditure of $4.3 million to come from excess reserves, which leaves an increase in new funds of 4.85 percent.

“We consider this budget a balanced budget for the fourth year in a row,” Leary said.

Three items in the new budget, totaling $12.2 million, will go to a referendum vote in November. The items relate to roads and bridges for $11 million, sewer plant sludge thickening and odor control repairs and modifications for $5.1 million, and the Welch Road sewer and pump station for $2.6 million.

Click through on the following link to see how the mill rate increase will affect your taxes. https://infogr.am/how-new-mill-rate-affects-taxpayers?src=web.

 

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