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Select Board uses $1.055 million from Fund Balance to keep 2022 tax rate near flat at $25.86
Summary
The Peterborough Select Board voted to apply $1,055,000 from Fund Balance to the 2022 tax effort, producing a town tax rate of $25.86 (up slightly from $25.76 last year overall), with the School District portion still rising by $0.55; the Fund Balance will total just under $2 million after the action.
The Peterborough Select Board voted Tuesday to use $1,055,000 from the town's Fund Balance to reduce the 2022 tax rate.
Nicole MacStay presented the draft tax rate and recommended using Fund Balance to keep the municipal portion close to last year's level. The board approved the use of $1,055,000; the resulting tax rate was $25.86, compared with $25.76 the previous year. MacStay said the School District also used fund balance to reduce its portion but that the school portion still increased by $0.55. Finance staff member Lilli Gilligan said that after the appropriation the town's Fund Balance would be just under $2 million.
Bill Taylor moved to allocate the fund balance amount; Chair Tyler Ward seconded and the motion passed unanimously.
