FINANCIAL BUSINESS REQUEST (FBR)
Motion/Request:
title
MOTION to set Fiscal Year 2024/2025 a Real Estate and Personal Property Mil Rate of 35.21 and a Motor Vehicle Mil Rate of 32.46.
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Background:
At the May 21, 2024 Referendum the townspeople approved a Fiscal Year 2024/2025 Budget in the amount of: $67,430,573 (GG $29,060,750; and BOE $38,369,823) represented a 0.65 mil increase.
?In accordance with the Town Charter, Chapter VII; Section 6 "On or before the first day of July the Town Council shall fix the tax mils fourth Monday in June.
?For the Fiscal Year 2024/2025 the State's Car Tax Cap of 32.46 mils has remained the same as the previous year. the Car Tax Cap Because the Car Tax Cap would result in a loss of tax revenue for several towns, the Legislature has put $100 million in the State's Budget to offset all the Municipal car tax losses.
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Department Comment/Recommendation:
Finance Director Comment/Recommendation:
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Mayor Comment/Recommendation:
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Meeting Action Detail:
Town Council Meeting 06/14/2023:
File #: 23-1676 Version: 1
Type: Financial Business Request (FBR)
Title: MOTION to set a Fiscal Year 2023/2024 a Real Estate and Personal Property Mil Rate of 34.56 and a Motor Vehicle Mil Rate of 32.46.
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Moved: Ryan Seconded: Ingalls
Action: Approved and so declared
Minute Note:
Moved by Councilor Saums, seconded by Councilor Ryan
Discussion: Councilor Saums stated at the May 16, 2023 Referendum the townspeople approved a Fiscal Year 2023/2024 Budget in the amount of: $64,540,940 (GG $28,632,572; and BOE $35,908,368) which represented a 0.75 mil increase over the current year. He stated the 34.56 Mil Rate was as presented during the Annual Town Meeting Budget Presentation to the townspeople.
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Councilor Saums went on to explain beginning with the Fiscal Year 2022/2023 the State implemented a Car Tax Cap. He stated in accordance with State Statute 12-71e (a)(3) the Car Tax Cap has...
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