Annual budget meeting Monday in Groton City
Groton — A proposed City of Groton budget of $19,496,634 for next fiscal year will go to a vote Monday evening at the annual budget meeting.
The City Council approved forwarding the proposed budget to the meeting, which will be held at 7 p.m. in the Council Chambers of the City Municipal Building located at 295 Meridian Street.
Next fiscal year's budget, which is less than the current year's budget of $19,992,489, will lower the city's tax rate by 15% to 3.67 mills, City of Groton Mayor Keith Hedrick said.
The budget proposal for next year is $1.4 million less than the initial proposal of $20,896,634, presented earlier this spring, because $1.4 million for the Shore Avenue seawall was removed, Hedrick said.
The state bonding commission recently approved $2.7 million to rebuild the seawall and strengthen it in the face of waves. Hedrick said that even before then, the town said it would fund the $1.4 million, initially proposed in the streets, roads and highways budget for the city, through a different mechanism.
Hedrick said the exact cost of the project will be determined after it goes out to bid.
"I'm thrilled that the City was able to secure the funding with the help of our local legislators," said Groton Town Manager John Burt.
Burt said it had been anticipated that the project would be funded over a two-year period, and the town reserved the first $1.4 million out of American Rescue Plan Act funds. The city will be determining the cost estimate for the work, so his recommendation to the Town Council is to hold some of the funds back until the full cost of the project is known.
Hedrick said in a previous interview that the city's tax rate will decrease, due to an increase in property values, permit fees from the expansion of Electric Boat, and the use of $2.5 million from its undesignated fund balance, still leaving a healthy reserve. Electric Boat is constructing a 200,000-square-foot building for the assembly of Columbia-class submarines.
With the revaluation, property values in the city rose on average 16% or 17%, Hedrick said.
The budget also includes funding for capital projects and for future vehicle purchases, according to his budget message.
Comment threads are monitored for 48 hours after publication and then closed.
