Groton budget under review by RTM
Groton — The Representative Town Meeting has begun its review of next year's budget.
The Town Council approved last week, after a series of budget reviews, a proposed budget of $142,668,947 for fiscal year 2023, which is a 3.65% increase over the current year's budget, Town Manager John Burt told the RTM at Monday's meeting.
The council had reduced by about $5.6 million the town manager's initial budget recommendation of $148,334,375, which had a 7.8% increase that would have resulted in a tax rate of 22.4 mills, he said.
The council tentatively set the tax rate for next year at 21.16 mills, down from the current tax rate of 25.98 mills. The budget uses $4 million of the town's unassigned fund balance, Finance Director Cindy Landry said at last week's Town Council meeting.
The RTM at its first regular budget meeting on Monday cut contingency by $50,000, down to $300,000, Burt said.
The RTM will hold a series of budget sessions over the next weeks, according to the schedule. Once the RTM completes its reviews and adopts a budget, the council then would set the final tax rate for next year, which must be done by June 9.
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