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06/10/2024 03:00 PMAfter rejecting a $119 million budget proposal in April, residents have given their approval to a revised $117 million spending package.
More than 25% of eligible voters turned out on May 21 to support the $117,930,224 budget, passing it 2,430 to 1,698. The $119 million plan rejected earlier this spring was rejected 1,688 to 1,300, with just 13% of registered voters casting ballots.
The newly approved $117 million spending plan represents a total town budget of $46,808,073 and a Board of Education (BOE) budget of 71,1222,151. On April 23, the Board of Finance (BOF) voted in a special meeting to reduce the town budget request by $315,000 and the BOE budget by $835,000 for a $1.15 million reduction. While voters threw their support behind the reduced spending plan, the 2024-'25 budget represents a $3,413,204 increase from 2023-'24.
On May 29, the BOF gathered for a special meeting to set the mill rate for 2024-'25. Board members unanimously approved a 26.58 mill rate, which will go into effect on July 1. The new mill rate represents a 2.7% increase over the current 25.88 rate. In real dollar terms, the current 25.88 rate means that a person with a home and lot assessed at $100,000 would pay $2,588 annually in property taxes. Under the new rate, that same valued property would now pay $2,658 annually in property taxes.
The new budget and mill rate will go into effect on July 1.