04/12/2012

Public hearing on $32.2 million overall 2013 budget set for Monday, April 23

The Town Council will hold a public hearing on a $32.2 million overall budget proposal for fiscal 2013 at 7 p.m. Monday, April 23, 2012 in the Town Hall chamber.

The proposal, which includes spending for municipal, school, county and Community Services, carries with it a $15.85 property tax rate, up 67 cents, or 4.4 percent, over this year's.

The council set the public hearing at a special meeting April 11 after reviewing the School Board's $21.8 million budget proposal for school expenditures. The board adopted its budget at a special meeting March 27 after deciding to add $30,000 to the contingency fund, bringing the fund's total to $100,000.

The overall proposal would raise taxes on a home valued at $314,000 from $4,766.52 to $4,976.90, an increase of $210.38.

The council has set the May 14, 2012 council meeting for final budget adoption, with a school budget validation vote scheduled for June 12.

Here is a summary of proposed budget totals and impact on property taxes: [download summary]

	FY 2011	FY 2012	FY 2013	$ Change	% Change
	BUDGET	BUDGET	BUDGET	FY 12 to FY 13	FY 12 to FY 13
EXPENDITURES
TOWN SERVICES	$8,539,687	$8,919,979	$8,865,608	$ (54,371)	-0.6%
COUNTY ASSESSMENT	$ 947,600	$ 992,047	$ 998,136	$ 6,089	0.6%
SCHOOL DEPARTMENT	$20,676,971	$21,124,690	$21,765,817	$641,127	3.0%
COMMUNITY SERVICES	$186,993	$186,993	$437,006	$250,013	133.7%
Local Homestead Exemption	$185,000	$173,000	$149,000	$(24,000)	-13.9%
	$30,536,251	$31,396,709	$32,215,567	$818,858	2.6%
REVENUE
TOWN SERVICES	$3,152,500	$3,380,900	$3,306,400	$ (74,500)	-2.2%
SCHOOL DEPARTMENT	$3,346,636	$3,078,489	$2,842,679	$ (235,810)	-7.7%
TOTAL	$6,499,136	$6,459,389	$6,149,079	$ (310,310)	-4.8%
NET TO TAXES
TOWN  SERVICES	$5,387,187	$5,539,079	$5,559,208	$20,129	0.4%
COUNTY ASSESSMENT	$947,600	$992,047	$998,136	$  6,089	0.6%
SCHOOL DEPARTMENT	$17,330,335	$18,046,201	$18,923,138	$876,937	4.9%
COMMUNITY SERVICES	$186,993	$186,993	$437,006	$250,013	133.7%
Local Homestead Exemption	$185,000	$173,000	$149,000	$ (24,000)	-13.9%
TOTAL	$24,037,115	$24,937,320	$26,066,488	$   1,129,168	4.5%
TAX RATES (Rounded to nearest ¢)
TOWN SERVICES	$ 4.01	$ 3.37	$ 3.38	$ 0.01	0.3%
COUNTY ASSESSMENT	$ 0.70	$ 0.60	$ 0.61	$ 0.01	1.7%
SCHOOL DEPARTMENT	$  12.89	$  10.98	$  11.50	$ 0.52	4.7%
COMMUNITY SERVICES	$ 0.14	$ 0.11	$ 0.27	$ 0.16	145.5%
OVERLAY		$ 0.02	$  -	$   (0.02)	-100.0%
SUBTOTAL	$  17.73	$  15.08		$ 0.68	4.5%
Local Homestead Exemption	$ 0.13	$ 0.10	$ 0.09	$   (0.01)	-10.0%
TOTAL	$  17.86	$  15.18	$  15.85	$ 0.67	4.4%
TAX RATE VALUATION BASIS	1,345,000,000	1,645,700,000	1,645,700,000	$   -	0.0%

 

Taxes on $314,000 Home
	FY 2012	FY 2013	Change
TOWN SERVICES	$1,058.18	$1,061.32	$3.14
COUNTY ASSESSMENT	$   188.40	$   191.54	$3.14
SCHOOL DEPARTMENT	$3,447.72	$3,611.00	$ 163.28
COMMUNITY SERVICES	$  34.54	$  84.78	$   50.24
OVERLAY	$   6.28	$ -	$   (6.28)
SUBTOTAL	$4,735.12	$4,948.64	$ 213.52
Local Homestead Exemption	$  31.40	$  28.26	$   (3.14)
TOTAL	$4,766.52	$4,976.90	$ 210.38