The proposed operating budget reflects a status quo budget with no new services or major initiatives. The CPI-U for October was 3.5% and the Grand List is projected to grow by 1.0%. The anticipated growth in the grand list is $531,845, which provides $121,152 in anticipated new tax revenue. A penny on the tax rate raises approximately $537,000. The FY’26 Budget as proposed represents a net budget increase of $542,286 (+4.64%). The proposed budget is projected to increase the municipal tax rate by $.0079 (+3.60%).
FY'26 General Fund Budget Process & Timeline
Date
Agenda Item
Minutes
Recording
10/23/24
Preliminary Budget Discussions
12/11/24
Social, Economic & Community Appropriations
12/23/24
General Fund Operating and Capital Budget Presentations
1/8/25
1/22/25
Public Hearing, Selectboard Deliberations, and Budget Adoption for Warning Purposes
1/29/25
Adopt Annual Meeting Warning
2/26/25
Informational Meeting for Annual Town Meeting
-
3/4/25
Annual Town Meeting - Click Here for Voting Information
General Overview
The proposed operating budget reflects a status quo budget with no new services or major initiatives. It does add the position of Chief to oversee and support the Fire & Rescue Department. It also adds a Public Works Town Engineering position to help keep up with demand for capital projects and other needs such as stormwater management.
It is important to remember the Equipment Reserve Fund, which is funded primarily with transfers from the General Fund Operating Budget, is projected to have a $615,043 deficit in FY’28. I have asked the Assistant Public Works Director to do a comprehensive update of the Equipment Fund next year for consideration by the Selectboard for FY’27. The actual deficit is likely to be greater due to the rising cost of equipment.
Participation early in the process is important. Please note there will be no floor voting on the operating budget and amount to be raised by taxes, so there will be no ability to amend the budget once warned by the Selectboard. The voters will act on the budget via Australian Ballot on Town Meeting day, Tuesday, March 4, 2025.
The Selectboard will continue to deliberate the draft operating budget and proposed capital projects at their January 8, 2025 meeting. There will be a public hearing at the January 22, 2025 meeting, and on January 29, 2025 the Selectboard will hold a special meeting to adopt the Annual Town Meeting articles for voter consideration.
Charles Safford Town Manager
Total Budget: $18,329,440
Net Budget Increase: $542,286 (+4.64%)
Property Tax Revenue: $12,231,278
Other Revenues: $6,098,162
Municipal Tax Rate: $0.2277
Tax Rate Change: $0.0079 (+3.60%)
Budget Information
Town Meeting Warnings
Town Clerk's Office - Click Here for Election Information
The proposed FY'26 budget adds an additional $7.90 per $100,000 in Assessed Value to the municipal tax rate. To calculate the approximate change to your property taxes, multiply the assessed value of your property by 0.000079.
For example, if your property is assessed at $500,000, the approximate change in property taxes based on the FY'26 budget proposal would be $500,000 x 0.000079 = $39.50. Your municipal property taxes go from $1,099.00 in FY'25 to $1,138.50 in FY'26.