Following a Public Hearing on May 3, 2021 in which one resident spoke, the Town Council is poised to vote on the Fiscal Year 2022 General Fund Budgets on Monday, May 10 at 7:00 p.m. [Article].  The Town Council will vote to approve the Municipal General Fund Operating and Capital Improvement Projects expenditure budget.  The council will hold a second vote to approve the School Department budget; if approved, the school budget will go to a citizen School Budget Validation Referendum on June 8.

Town Manager Matthew Sturgis provided an overview of the Pro Forma, dated April 28.  On the Municipal side, FY2022 expenditures are $16,857,021 -- 0.32 percent higher than last year.  The County Assessment expenditures of $1,556,320 show an increase of 2.49 percent from last year.  The School Department expenditures of $29,857,097 show an increase of 4.80 percent.

Revenue for the Town is anticipated to be $8,818,272, which is a 22.55 percent increase from last year.  The municipal fund balance is $1,000,000 and will be used to help offset capital expenses.  The school revenue includes $1,818,689 from the state's Essential Programs and Services funding allocation.  The school fund balance is $740,000.

The net to be raised for taxes on the town side is $7,038,750; this represents a 5.81 increase.  The net to be raised for the county is 1,556,320; this represents a 2.49 percent increase. The net to be raised for taxes on the school side is $27,298,408; which represents a 3.91 percent increase.  Over all taxes to be raised is $36,093, 478; a 3.89 percent increase.

The total tax rate (combining municipal, county assessment, school department) is $20.60; a 3.41 percent increase.

Sturgis indicated that due to recent state legislature which approved increasing revenue sharing going back to January 1, the town is estimating to receive an additional $200,000 in revenue sharing.  Sturgis anticipates that the exact amount may be settled by the date of the upcoming Town Council meeting on May 10.  Revenue sharing is a direct revenue stream on the municipal side only.  Schools rely on the state's Essential Programs and Services funding allocation which is calculated using the ED279 formula.