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The original item was published from 6/23/2017 9:45:19 AM to 7/24/2017 12:00:00 AM.

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Posted on: June 23, 2017

[ARCHIVED] City Council approves $1.5 million in "Free Cash" to be applied to tax levy

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The City Council Tuesday night approved an order from Mayor Richard Kos to use $1,500,000 in free cash to apply to the tax levy in an effort to minimize the impact the increase in the FY 2018 budget will have on tax payers.

The proposed budget is up 3.1%, or an additional $5,687,141.27 in comparison with the 2017 fiscal year, based upon school needs, increasing insurance and pension costs, contractual obligations, and water and sewer bonding.

“Working with the Mayor we hope to maintain the excellent level of services our residents have come to expect while respecting taxpayer’s ability to pay,” said City Council President John Vieau. “These funds help us do that.”

Mayor Kos praised the City Council for their continued support and willingness to work together to minimalize the impact the budget has on taxpayers saying “I appreciate the City Council’s support during the budget process. With increases in insurance costs, the need to assist the School Department to address their budget deficit, and other increases, we are looking at a 3.1% increase in spending in comparison with the 2017 fiscal year. This $1,500,000 allows us to address these budgetary needs while limiting the impact on the taxpayer.”

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