Bristol finance board: Lower tax rate increase expected

Published on Wednesday, 17 April 2019 20:17
Written by SUSAN CORICA

@coricaBP

BRISTOL - The Board of Finance is now looking at increasing the tax rate by a 1.17 mills for fiscal year 2019-20.

At the start of April, the board was talking about a 1.34 mill increase. At a budget workshop, Comptroller Diane Waldron went over some adjustments in revenues expected from state grants, better than expected results this year from building permits and general fund interest, and other changes.

The result is the lower proposed tax increase, which would bring the mill rate to 38.05 for the next fiscal year.

The proposed budget now stands at about $201.1 million, a 3.46 percent increase over the current year. Of the total amount, about $115.6 million is the school budget, which would be getting a 3.73 percent increase over the current year.

Based on figures Waldron had from the city assessor, the impact for the average city taxpayer would be a tax increase of about $152.30. For a house valued at $123,530, the tax increase would be about $144, and for a motor vehicle assessed at $7,100, the increase would be $8.30.

Waldron had previously explained that the 2018 Grand List showed growth across the real estate, personal property, and motor vehicle categories, for a total 0.72 percent increase.

This is expected to bring in over $1 million in new tax revenue for the city, at the current mill rate. The rest has to be made up through the higher mill rate.

The city departments had originally requested a total increase of 6.75 percent and the Board of Education had requested a 7.71 percent increase, both of which were reduced in the finance board workshops.

As of now, the finance board is on track to vote on the budget at its Tuesday, April 23 meeting.

The joint meeting between the finance board and the City Council to adopt a final budget is May 20.

The City Charter allows for the process to be extended up to the first Friday in June if needed.

Susan Corica can be reached at 860-973-1802 or scorica@bristolpress.com.



Posted in The Bristol Press, Bristol on Wednesday, 17 April 2019 20:17. Updated: Wednesday, 17 April 2019 20:20.