Town of Norwich passes 2011 budget
NORWICH – The Town of Norwich Board voted unanimously to pass a proposed $1,535,837.89 budget Thursday night after receiving no comments during a public hearing.
Supervisor David Law said he hoped some in the town might turn out with a few questions, but admitted he wasn’t surprised that none did since the 2011 budget only calls for a 12 cent increase in local property tax per $1,000 of assessed value.
He explained that this would mean a $5.49 increase to the town’s average homeowner in the coming year.
Law told the board that all other expenses burdened by the town were absorbed through careful budgeting and the municipality’s sales tax revenues.
The Town of Norwich received just over $350,000 in sales tax revenue in 2010 and in 2009. Law said those figures were down from the $400,000 the town had received in previous years.
Despite dropping revenues from the sales and mortgage taxes, the town is expecting to expand its total budget from $1,342,172.58 in 2010 by about $193,665 in 2011, nearly a 14.43 percent increase in spending.
Norwich Deputy Supervisor and Councilman Charles Brooks said there was no single item responsible for the increase.
“There isn’t one thing, it’s a number of things. The cost of business only goes up,” he said.
Law said health insurance costs for the town rose 14 percent and retirement cost would nearly double in the next fiscal year.
The supervisor also confirmed the town currently had $500,000 in a “rainy day” reserve fund.
“The state is telling us every town should hold 18 percent of its annual budget in reserve. This is the total opposite of what they were telling us in years past, they were always afraid of towns having too much saved up. Times have certainly changed,” Law told the board.
The current $500,000 reserve fund represent approximately 32.6 percent of the town’s 2011 proposed budget.
Supervisor David Law said he hoped some in the town might turn out with a few questions, but admitted he wasn’t surprised that none did since the 2011 budget only calls for a 12 cent increase in local property tax per $1,000 of assessed value.
He explained that this would mean a $5.49 increase to the town’s average homeowner in the coming year.
Law told the board that all other expenses burdened by the town were absorbed through careful budgeting and the municipality’s sales tax revenues.
The Town of Norwich received just over $350,000 in sales tax revenue in 2010 and in 2009. Law said those figures were down from the $400,000 the town had received in previous years.
Despite dropping revenues from the sales and mortgage taxes, the town is expecting to expand its total budget from $1,342,172.58 in 2010 by about $193,665 in 2011, nearly a 14.43 percent increase in spending.
Norwich Deputy Supervisor and Councilman Charles Brooks said there was no single item responsible for the increase.
“There isn’t one thing, it’s a number of things. The cost of business only goes up,” he said.
Law said health insurance costs for the town rose 14 percent and retirement cost would nearly double in the next fiscal year.
The supervisor also confirmed the town currently had $500,000 in a “rainy day” reserve fund.
“The state is telling us every town should hold 18 percent of its annual budget in reserve. This is the total opposite of what they were telling us in years past, they were always afraid of towns having too much saved up. Times have certainly changed,” Law told the board.
The current $500,000 reserve fund represent approximately 32.6 percent of the town’s 2011 proposed budget.
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