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LOSAP projected to cost Hague about $55,000 annually for the first decade; tax impact estimated at $13 for a $200,000 home
Summary
Firefly Admin presented an actuarial estimate of about $55,000 per year in early years (all-in near $62,000), an amortized prior-service cost of roughly $17,000, and an approximate fire-tax increase that would raise the rate from ~31.5¢ to ~37.8¢ per $1,000 assessed.
During the presentation, actuary Craig Relyea said the town should expect an annual program cost of about $55,000 for the first 10 years to amortize prior-service liabilities, with an all-in early-year estimate near $62,000 including administration fees. “That annual program cost is estimated to be about $55,000 for the town each year for the 1st 10 years,” he said.
Relyea explained the prior-service liability is assumed up front and amortized (he estimated the amortization component at about $17,000), and that the example tax impact would increase the current fire tax by about 20 percent. He gave a household illustration: a $200,000 assessed property would see about a $13 annual increase under the $20 benefit scenario. Board members discussed possible variations if fewer members earn credits or if benefit levels change.
