East Lyme Board of Finance sets tax rate
East Lyme — The Board of Finance on Wednesday set the tax rate for 2016-17 at 25.36 mills, a 0.65-mill increase over the current rate.
Voters approved at a referendum last week a 2016-17 budget of $69.2 million, 3.1 percent more than the current spending plan.
The Board of Finance had projected at a public hearing this spring that the tax rate would increase by 0.59 mills under the proposed budget.
But Board of Finance members discussed Wednesday how to make up for about $260,000 less than expected in state aid to the town. The state had passed its revised budget after the Board of Finance approved the town's budget.
The board decided to account for half of the shortfall through a tax rate increase.
For the other half, the board is requesting that the first selectman and school superintendent try to find savings in the town and education budgets over the course of the year.
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