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Finance analysis warns property-tax increases likely to fund new CIP unless other revenues found
Summary
Don Porter presented a macro-level analysis indicating most new CIP debt service will likely fall to property taxes because LOT and room-tax revenues mainly cover existing debt service and service-fee increases are expected to be limited.
Finance Committee member Don Porter presented a macro-level analysis of how scaled-down CIP expenditures might be funded over the eight-year plan. Porter warned that because most local option tax and room-tax revenue is already committed to existing debt service and projected service-fee increases are modest, most new CIP debt service will likely need to be supported by property-tax increases unless the town identifies alternate revenue sources.
Porter emphasized tight control of operating budget expenses will be essential to allow timely execution of even a reduced CIP scope. The committee discussed exploring impact fees, service fees and other revenue sources but did not adopt funding decisions at this meeting.
