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Town to use Fox Fund to reimburse portion of senior tax credit program
Summary
The Board approved a $60,000 reimbursement from the Robert A. Fox Fund to cover roughly 20% of the FY27 Elderly Tax Credit Program, which provides about $331,000 in benefits to 170 qualifying seniors.
The Board approved a request to transfer $60,000 from the Robert A. Fox Fund to reimburse a portion of the FY27 Elderly Tax Credit Program, consistent with the fund’s purpose to assist Granby’s poor and needy residents. Meeting materials note the fund originated from a $50,000 bequest in 1963 and has grown to approximately $1.267 million through investment.
The FY27 program provides approximately $331,000 in benefits to 170 qualifying seniors; the $60,000 transfer represents roughly 20% of program costs. The Board approved the reimbursement on a motion by M. Neumann, seconded by P. Chapple. The minutes state the Fox Fund policy item will be added to a later agenda for formal approval.
