#Middlebury #Budget
The Middlebury Board of Finance will present the town’s proposed 2022-2023 budget to the public at a budget hearing Wednesday, April 6, at 6:30 p.m. in the Larkin Room at the Middlebury Public Library at 30 Crest Road in Middlebury. The proposed budget is $12,255,288.15, an increase of 2.82% over the 2021-2022 budget.
While the mil rate won’t be set until after the May 4 vote on the proposed budget, the capital expenditures and the Region 15 budget, First Selectmen Edward B. St. John said he anticipates the current 34.83 mil rate would drop by 3 mils. That would lower it to 31.83.
Since properties in town were revalued as of October 1, 2021, and a number of property owners saw their property values increase, for many property owners a mil rate drop of 3 mils would not be enough to offset the increase in property values. For this reporter, whose property value increased 31%, a mil rate of 31.83 would result in a 19% increase in property taxes.
St. John said the good news was the 3 mil tax reduction and a budget increase of only 2.82%. He said if the town sees any savings in the budget, those monies will roll into a reserve account for energy and inflation increases as they evolve during the fiscal year. Commenting on gas prices, he said, “Last year gas cost $2.66 to $2.80 a gallon. Now it’s in the $4 (a gallon) range. So already our budget is off.”
He said a flat budget was impossible due to all the issues the town is dealing with. “I think our budget is probably too conservative. We have no idea what these inflationary numbers are going to be.”
