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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