On Sept. 16, Town Council members voted to approve the fiscal year 2024-25 budget, which includes more than $95.5 million in expenditures from the general fund, along with a slightly lower tax rate.
What you need to know
The new FY 2024-25 tax rate is set at $0.387278 per $100 valuation—a reduction from the previous tax rate of $0.3873—and includes $0.323876 for maintenance and operations and $0.063402 for interest and sinking.
The new voter-approval tax rate is the highest rate that town officials can adopt without holding an election.
Previously, town officials said that the average homestead taxable value for this year will be $544,415—a 21.72% increase from last year. That means that while the tax rate is decreasing, taxes on an average home will increase by about $376 to around $2,108. In total, the town expects to bring in about 11.5%, or an additional $6.23 million, more tax revenue from the previous fiscal year.
What else?
Total funds from the FY 2024-25 budget amount to more than $355 million, according to city documents. Total revenues are expected to amount to nearly $277 million. Officials previously said the $79 million shortfall is because of $75 million from prior authorized projects and $4 million in one-time expenditures.
Don Munsch contributed to this report.
