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Presenter outlines Town of Economy proposed $65,950 budget, cites $9,030 circuit-breaker loss
Summary
At a public hearing Sept. 17, town officials presented a proposed $65,950 budget with a $34,859 levy; an estimated $9,030 property-tax cap (circuit breaker) will reduce expected property-tax receipts, and the council set budget adoption for Oct. 8.
The presenter opened the Town of Economy’s public budget hearing on Sept. 17, 2025 and walked the council through the proposed fiscal plan, saying, “we have an estimated ... levy of $34,859.”
The presenter told the council the town expects a property-tax cap credit—described in the hearing as a “circuit breaker”—of about $9,030 that will lower expected property-tax receipts from the gross levy. “So, that means of the 34,000, we’re not going to get $9,000 of it,” the presenter said, describing how the cap reduces the town’s cash receipts.
The proposed total budget is about $65,950. At the fund level, the presenter listed a $41,400 general fund, a $14,000 motor-vehicle fund, $4,000 for local roads and streets, $1,500 for capital improvements, and small riverboat and EDIT (economic development) allocations. The presenter read major general-fund line items aloud, including town-council salaries of $1,650 and a clerk/treasurer line of $3,150, and said trash-collection costs have been increased to $16,000.
On operating costs the presenter noted figures for social security ($800), legal services ($500), liability/public-officials insurance ($5,500), electric ($5,000), street repairs ($3,000), software ($800), fire protection ($2,600), and a $350 bond line. The presenter said some funds (motor-vehicle and riverboat) could be used toward a community-crossing project but that the community-crossing entry currently remains a placeholder at $0 because grant amounts are not yet known.
A committee member who spoke during the hearing observed that although the gross levy edged up, the circuit breaker means the town will receive materially less property-tax revenue; the member also noted that the town’s reserves will cover the shortfall so the total budget can be met. As the member summarized, the town has “saved up and been good stewards,” which the presenter said allows the town to meet the planned expenditures.
The presenter told the council the official adoption meeting is scheduled for Oct. 8, when the budget will be formally adopted and uploaded to Gateway. There were no public commenters who spoke on the budget at this hearing. The presenter closed the session and the meeting was adjourned by voice consent.
The council will take final action on adoption at its Oct. 8 meeting; no formal votes on the budget were recorded in this hearing.
