Milford Selectmen tonight will discuss providing taxpayer relief in the wake of the town's excellent financial condition that includes $10.5 million in unencumbered funds, including $5.7 million in free cash and excess levy capacity of $4.8 million. The impact is for every one million dollars of excess levey capacity. A savings of $80 will be shown on the average single family tax bill. For example, $1.8 million brings $144 in savings, $1 million brings $160 in relief, $2.2 million brings $176 in relief and so on.
Chairman Brian Murray told WMRC he advocates using $2 million. Bill Buckley, $2.5 to $3 million and Will Kingkade favors a figure north of $2 million.
Finance Director Zack Taylor said $1.4 million from free cash and $1.8 million from excess levy. He said the Woodland School will be bonded at $28 million this year and additional debt of $3 million will directly increase the 2017 operating budget and Taylor said free cash levels will not be as high as this year moving forward. He said the town must make up $280 thousand through raise and appropriate this year and Taylor said $3 million should be put into the stabilization account. He said sustainability of excess of $2 million of relied may not be achievable given the debt burden of the new school project. All this will be discussed tonight.
WMRC's Ed Thompson