Town budget reveals $10.7 million plan amid rising property values

In a recent government meeting, officials discussed the financial implications of a new building project, revealing a total estimated cost of approximately $10.7 million. This figure includes $7 million for the building itself, $1.7 million for an adjacent property, and $55,000 in closing costs. Modifications to the office space are expected to be minimal, primarily involving fresh paint and new furnishings.

The meeting also highlighted a significant increase in the town's taxable property value, which rose by nearly $1.4 million, or 54%. This increase is projected to enhance revenue without necessitating a rise in the millage rate, allowing for a planned annual contribution of $435,000 to the emergency reserve fund.

Officials noted that the budget for the upcoming fiscal year will not require transfers from the American Rescue Plan Act (ARPA) fund, as was necessary in the previous year. This change is attributed to the increased tax revenue, which is expected to cover operational costs and reserve contributions.

Personnel changes were also a key topic, with a reduction of 25 positions in the town's workforce. However, 16 of these roles will be filled through contracts rather than direct hires, resulting in a projected savings of approximately $200,000. The budget includes a cost-of-living adjustment (COLA) of 1.8% for employees, which will be reflected in their salaries.

Overall, the discussions underscored a proactive approach to managing the town's finances, balancing new expenditures with increased revenue and strategic personnel decisions.