The details
The proposed general fund budget is projected to be $7.954 million, Marissa Barrett, the town’s financial director, said at the Sept. 16 meeting. This is higher than last year’s general fund budget of $6.2 million, according to previous Community Impact reporting. There is $7.675 million in expenditures in the budget, leaving a fund balance increase of about $278,279.
The budget will raise more property taxes than last year’s budget did by $493,918, Barrett said. Of that amount, $388,744 is tax revenue to be raised from new property added to the tax rolls this year. The budget will also include cost of living and merit adjustments for city employees and police officers.
Along with the budget, the town approved a tax rate of $0.343111 per $100 of assessed valuation.
What’s next?
Town Council members approved the budget with the understanding that they would come back and make amendments to it at a later meeting.
