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Finance director: rising property values boost revenue, reserves used to balance budget
Summary
Finance Director Stephen Caplan told the council the town will see about $420,000 more in property tax revenue because of rising values and that the budget relies on $549,000 in reserves and carryovers to balance the general fund; the budget includes a 4% cost-of-living adjustment and new positions.
At the Sept. 17 hearing, Finance Director Stephen Caplan presented key numbers behind the proposed FY 2025–26 budget and explained the drivers behind revenue and expenditure changes. “Rising property values will increase the property tax revenues to 7,400,000 or about 420 more,” Caplan said, and added the budget balances the general fund by using $549,000 in building permit reserves and capital carryovers.
Caplan also outlined expenditure pressures and personnel decisions: negotiated health insurance increases of 8.5%, property insurance up about 16% due to higher insured values, pension contributions of about $2,000,000, and included a 4% cost-of-living adjustment and new positions in the library and police departments. He told council the budget reflects council priorities and supports the workforce.
Implications: Staff said surtax funds are budgeted for road paving and building improvements; utility and solid waste rate changes are modest (solid waste +2%, water/sewer +2.4%). These programmatic choices will be implemented under the adopted budget.
