FINANCIAL BUSINESS REQUEST (FBR)
Motion/Request:
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Discussion and possible action on the Fiscal Year 2025/2026 Budget.
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Background:
May 20, 2025 Referendum FAILED: At the May 20, 2025 Referendum the townspeople did not approve the proposed Fiscal Year 2025/2026 Budget in the amount of $71,062,240 comprised of:
* General Government: $30,395,998_
* Board of Education: $40,667,242
May 21, 2025 - Finance Cmt Meeting:
The Finance Committee made the following adjustments to the Fiscal Year 2025/2026 Budget:
* Reduced the General Government Operating budget by $205,700 (Please see attached GG Reductions 5/21/2025 $145,700- Mayor will provide additional $60,000 Reductions on 5/27/2025)
* Reduced the Board of Education Operating Budget by $160,000
* Reduced the Board of Education Capital Budget by $260,000 (JWL Classroom Improvements & LHS Science Lab Improvements)
* Increased the Mil Rate Stabilization Contribution (Revenue) by $200,000
* Increased the BOE Agri-Science Revenue by $68,000
5/21/2025 Budget Adjustments - Finance Committee recommended the Town Council adopt a proposed Fiscal Year 2025/2026 Budget in the amount of $70,440,669 comprised of:
* General Government: $29,933,427_
* Board of Education: $40,507,242.
**The proposed adjusted Budget would call for a projected 1.99 mil rate increase.
In accordance with Chapter VII; Section 6 of the Town Charter the Fiscal Year 2025/2026 Budget will be resubmitted to the townspeople on the Voting Machines on Tuesday, June 10, 2025 between the hours of 12:00 p.m. - 8:00 p.m. (3 weeks after the first Vote).
The Process is as follows:
The annual Town Meeting for the consideration of the budget and the transaction of other business shall be held on the third Monday of May at such hour and at such place as the Town Council shall determine.
The Town Meeting(s) may not alter the amount of any appropriation recommended by the Town Council. The vote of the Town meeting on the annual budget...
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