November 27, 2020
Present: Fred Woodhouse, Diane Callahan, Gary Backstrom
Call to order by Fred Woodhouse at 5:00 pm.
This is a special meeting to set the 2020 tax rate. The preliminary rate from the Department of Revenue Administration (DRA) is $23.07/M, an increase from 2019 of $.95.
The Town Administrator reviewed the components of the tax rate - Municipal, County, Local School, and State Education Tax. Review of the amount of fund balance available and discussion about how much fun balance to use. The Town Administrator recommended using $27,000.00 of fund balance, which would leave $103,369.00 in fund balance. The DRA recommends retaining 5% to 17 % of fund balance. This amount would leave a 7.14% retention.
Motion to use $27,000.00 of fund balance, leaving $103,369.00 in fund balance (Woodhouse/Backstrom). All in favor, motion carried.
Meeting adjourned at 5:45 PM.
Minutes taken by Debra Harling. Approved on 12/01/2020.