Granby Drummer (https://granbydrummer.com/author/michael-b-guarco-jr/page/3/)
At its Feb. 15 meeting, the Board of Finance reviewed updated information relative to the budget for FY24 that begins on July 1. The total Grand List—subject to any final adjustments by the Board of Assessment Appeals—was filed as required with the state by Jan. 31, and showed an increase with revaluation of 28.34 percent over the Oct. 1, 2021, Grand List.
What has happened so far, and next steps
The Town Boards and administration have begun to look ahead to the next fiscal year, running from July 1, 2023, thru June 30, 2024 (FY24).
(REPRINT) The revaluation of property values is done every five years per state law. The “reval” being done effective for the Oct. 1, 2022 Grand List will affect tax bills issued for next fiscal year—July 2023.
The revaluation of property values is done every five years per state law. The “reval” being done effective for the Oct. 1, 2022 Grand List will affect tax bills issued for next fiscal year—July 2023.
At its meeting on Feb. 15, the Board of Finance reviewed all available projections for revenue and expenses as known at that time. Acknowledging both the increase in costs of operating, as we all are experiencing at home, and the tight finances many families continue to experience, the BOF narrowed its focus to limiting the upcoming FY23 overall budget to an increase in the mill rate of 1 percent.
The annual town budget process for fiscal year 2023 has begun with elected officials again seeking to find a balance between what people want with what people can afford in their property taxes.
In the last issue of the Drummer, it was reported that Standard and Poor—one of the key municipal credit rating agencies—had reaffirmed our rating at AA+. That allowed the town to recently borrow at a favorable rate of interest on its bonds (1.55 percent net).
The Fiscal Year 22 budget proposals from the Board of Selectmen and Board of Education have been forwarded to the Board of Finance. On Monday, March 29, the finance board will review them, ask questions of the two boards and administrations and then finalize a unified budget package to present to the Budget Public Hearing on Monday, April 12 as designated in the town charter.
At its February meeting, the Board of Finance set guidelines for FY22 operating budgets that freeze the mill rate at the same level as it has been for the past two years. The action reflects the ongoing impact of the pandemic.