New London commissioners approve budget for 21-22 fiscal year
Published 10:32 am Thursday, June 3, 2021
The New London Board of Commissioners unanimously passed its budget for the 2021-22 fiscal year at Tuesday’s meeting of the town council.
After having a public hearing before the town’s meeting, where no one spoke, the board approved the second reading of the budget with one change. The board moved $5,000 to increase staff salaries taken out of the capital improvements.
Revenues in the new budget will be down $50,000 due to the completion of loan payments from the New London Fire Department. Half of that money will come back in the new budget, $25,000, from increased projections in sales tax received ($20,000) and property tax ($5,000).
Expenses went up slightly in the budget ($16,725), the majority of which, $14,000, comes in the wastewater water purchase account.
Overall the difference between the current budget is $28,500 less than the budget for the upcoming fiscal year.
Commissioners also passed a budget resolution to confirm the town’s tax rate, which will stay the same in the new year at 16 cents per $100 of evaluated property.