LIVERMORE — Selectpersons took another step toward building up the town’s undesignated fund Monday night by setting the tax rate at $14.30 for 2014-15 and having an overlay of $72,583.97.
It is an increase of 10 cents from last year, Administrative Assistant Carrie Castonguay said Wednesday.
The increase means that a house valued at $75,000 will have taxes increased by $7.50, she said, without factoring in any homestead exemption.
The overlay money can be used for any tax abatements granted during the year, and any money left over at the end of the year would go into the town’s Undesignated Fund Balance.
The idea is to build up the fund to have at least enough for three months of operating expenses, Castonguay said.
The Undesignated Fund Balance had $374,533.26 at the end of 2012-13, Treasurer Amy Byron said.
The exact amount in the fund will not be known until the 2013-14 audit is completed in October.
To operate the town for three months, the fund would need to have about $664,781.37, she said.
Auditors recommend that towns have enough money in the fund to cover three months of operating expenses in case something catastrophic happens.
The lowest the tax rate could have been set was $13.91, and the highest was $14.61.
Tax bills are expected to out next week. The first payment is due Nov. 15, and the second payment is due May 15, 2015.
dperry@sunjournal.com
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