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    Thursday, June 20, 2024

    East Lyme to hold referendum on $90.6 million budget proposal

    East Lyme ― Voters on Thursday will be asked to weigh in on the proposed 2024-25 budget of $90.6 million and it’s 5.3% increase over the current budget.

    The referendum will be held from 8 a.m. to 8 p.m. at the East Lyme Community Center.

    Spending on the town side comes in at $22.9 million, up 6.5%. Education expenses comprise $60 million, which represents an increase of 3.9%.

    Capital spending amounts to $902,750, more than doubling the cash available for large, one-time expenses compared to the current budget. The move is meant to reduce the town’s reliance on debt service over time.

    Debt service in the proposed budget amounts to $6.8 million, an increase of 9%.

    Finance Director Kevin Gervais said the projected tax rate associated with the budget is 26.35 mills, up 1.48 mills from the current rate.

    A taxpayer with a home valued at $500,000 would pay $9,223 in property taxes in the coming year if the budget is approved. That’s an increase of $515.

    e.regan@theday.com

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