FINANCIAL BUSINESS REQUEST (FBR)
Motion/Request:
title
• MOTION to set Fiscal Year 2025/2026 a Real Estate and Personal Property Mil Rate of 37.14; and a Motor Vehicle Mil Rate of 32.46.
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Background:
June 11, 2025 Town Council Meeting:
With both the May 20, 2025 Referendum and the June 10, 2025 Referendum Failing at their June 11, 2025 Special Meeting the Town Council made additional Budget Adjustments that reduced the previously projected Mil Rate Increase from 1.99 to 1.95; calling for a Real Estate and Personal Property Mil Rate of 37.16.
However, with the Budget Adjustments to move the Board of Education $45,000 reduction from Capital to their Operating Budget, the final calculation for the Mil Rate was reduced by 0.02 mils for a mil rate increase of 1.93. Therefore, the mil rate set at the June 11, 2025 meeting was being corrected to a Real Estate and Personal Property Mil Rate of 37.14.
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 2025/2026 the State’s Car Tax Cap of 32.46 mils has remained the same as the previous year.
Because the Car Tax Cap would result in a loss of tax revenue for several towns, the State hs been providing funding to Municipalities to offset the loss of 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: