Wednesday, January 7, 2015

"property taxes will continue to be a solid source of revenue"

The Milford Daily News reports on the five year financial forecast that is in the current set of documents for Wednesday's Town Council meeting. The forecast says FY 2016 should be ok but FY 2017 is another budget year where balancing the budget will present some problems. 

This financial reason is the driving factor behind the moves to sell both the Pond St and Emmons St properties. The town needs to expand its taxable base to bring in additional revenue.

Nutting said that beginning next year, revenue increases may start to lag behind town expenses, forcing the town to stretch itself thinner in order to balance the budget. 
"By FY 2017, the forecast strongly suggests we could be in a position to use some reserves, reduce the current level of services, and consider a tax increase or some combination of the above to balance the budget," he explained. 
The only short-term solution to reducing costs is cutting town employees, Nutting said, an option he views as a last resort. 
"This will directly affect the quality of education and public services currently provided by the town," he said.
Continue reading the article here:

150 Emmons St - one of the topics on the agenda
150 Emmons St - one of the topics on the agenda

Details on the five year fiscal plan can be found beginning on page 43 of the released set of documents for the agenda for the Town Council meeting, They can be found here

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