{"id":2601,"date":"2015-11-29T02:16:16","date_gmt":"2015-11-29T02:16:16","guid":{"rendered":"https:\/\/ryecivicleague.org\/?p=2601"},"modified":"2024-06-20T05:25:21","modified_gmt":"2024-06-20T05:25:21","slug":"rcl-notes-on-bos-tax-rate-meeting","status":"publish","type":"post","link":"https:\/\/ryecivicleague.org\/?p=2601","title":{"rendered":"RCL notes on BOS Tax Rate meeting"},"content":{"rendered":"


\n<\/p>\n

Tax-rate table .xls:  TaxRateSet111715revB<\/a><\/p>\n

Summary from the December Civic News:\n<\/p>\n

1.<\/strong> A combination of factors helped reduce the 2015 tax rate:<\/div>\n
   a)<\/strong>  Public Safety building and conservation bonds are paid off, reducing total appropriations as the cost of government services continued to rise.<\/div>\n
   b)<\/strong> Of the $823,141 surplus, $400K was applied to reduce taxes while the remaining $423,141 went into reserves.  This is the first time in many years the maximum amount was not used to reduce taxes.<\/div>\n
   c)<\/strong> Without a re-assessment of property, we have a one year property value increase of $81 million (4.5%), where we only had a 1% increase the previous year.  The increased tax base contributes to the drop in tax rate.<\/div>\n
   d)<\/strong>  The decline in revenues and larger budgets were offset by the tax base growth and the lower debt payments.<\/div>\n

Tax rate was set at $10.88, down from $11.55 in 2014.  Major causes are retirement of the large bond for the Public Safety Building and the first tranche of the Conservation land bond voted in the mid-2000s, as well as an approximately $80 million increase in the tax base, nearly 5 percent of the Town’s approximately $1.7 billion valuation.  Theoretically this should be primarily due to construction as this is not a revaluation year.<\/p>\n

Breaking with the practice of the past ten years or so, not all of the available surplus from prior years was voted to reduce taxes.  Over $400,000 that could have been applied to reduce taxes was set aside to even out the tax rate as the proposed budget for 2016 is up 4.68%, plus warrant articles, and there will not be the benefit of a bond retirement in 2016.<\/div>\n
<\/div>\n
Numbers are still subject to final Department of Revenue Administration approval.<\/div>\n
<\/div>\n
Video:  https:\/\/vimeo.com\/146072562<\/a><\/div>\n
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Video time stamps:<\/div>\n
<\/div>\n
1.  District tax rates:  Rye Beach $.25, Jenness Beach $.24, Rye Water $.58 (all figures per $1000 assessed valuation) (2:00 elapsed).<\/div>\n
2.  County tax $1.11.  Local School tax $4.35, State School tax $2.46.  School did not apply any of their surplus to reduce taxation this year (8:22 elapsed).<\/div>\n
3.  Town tax rate would be $3.17 without application of prior year surpluses (unassigned fund balance), for a total of $11.10 (excluding districts).  Unassigned fund balance is $2,002,437.  If the minimum of 5% is retained to reduce taxation, $823,141 could be applied to reduce taxation, which would result in a tax rate of $10.66.  Selectmen Jenness and Musselman appear to disagree, with Selectmen Jenness pushing for a higher tax rate (8:42 elapsed).<\/div>\n
4.  Selectman Mills arrives and indicates that he would support the higher rate.  Selectman Musselman moves to apply $400,000 rather than the maximum $823,141 to reduce taxes.  Selectman Mills seconds.  All are in favor (20:19 elapsed).<\/div>\n
5.  Tax bills may go out as early as Friday, Town Clerk Beth Yeaton says (23:08 elapsed).<\/div>\n
6.  General discussion, followed by Town Finance Director Cyndi Gillespie reporting that underspending represents $514,194 of the available unassigned fund balance (27:50 elapsed).<\/div>\n

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Tax-rate table .xls:  TaxRateSet111715revB Summary from the December Civic News: 1. A combination of factors helped reduce the 2015 tax rate:    a)  Public Safety building and conservation bonds are paid off, reducing total appropriations as the cost of government services continued to rise.    b) Of the $823,141 surplus, $400K was applied to reduce taxes while […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[66,57],"tags":[],"class_list":["post-2601","post","type-post","status-publish","format-standard","hentry","category-board-of-selectmen","category-town-meetings"],"_links":{"self":[{"href":"https:\/\/ryecivicleague.org\/index.php?rest_route=\/wp\/v2\/posts\/2601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ryecivicleague.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ryecivicleague.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ryecivicleague.org\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ryecivicleague.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2601"}],"version-history":[{"count":6,"href":"https:\/\/ryecivicleague.org\/index.php?rest_route=\/wp\/v2\/posts\/2601\/revisions"}],"predecessor-version":[{"id":2603,"href":"https:\/\/ryecivicleague.org\/index.php?rest_route=\/wp\/v2\/posts\/2601\/revisions\/2603"}],"wp:attachment":[{"href":"https:\/\/ryecivicleague.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ryecivicleague.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ryecivicleague.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}