Residents may see an increase of $86.42, on average, in their annual tax bill in Fiscal Year 2013, if Town Meeting agrees to a proposed 1.5% increase in the Framingham's budget.
The 1.5% increase was supported by the Framingham Board of Selectmen with a unanimous vote.
Chief Financial Officer Mary Ellen Kelley had presented a recommended budget, with a 2.5% increase. That budget would mean a homeowner, on average, would pay $144.02 more in taxes in fiscal year 2013, explained Kelley.
“Our taxpayers deserve any kind of break they can get,” said Selectman Chair Jason Smith. “This (the 1.5% levy increase) makes the most sense because we’re not touching the schools and it gives our taxpayers some relief.”
In order to get to a 1.5% levy, Kelley was charged with finding a way to eliminate $185,000 in expenditures in the budget she presented to Selectmen Thursday night.
At this stage in the process, budgets are built on estimates of future revenue and spending and how much money the state will give Framingham.
At a 1.5% tax levy increase, Kelley estimated the town would have revenues of $224.9 million with single-family homeowners paying an average of $5,860 in taxes. This year, FY12, the residential tax burden was $5,774.
Other budget requests from the town’s departments included:
- assessment $9 million
- $12.6 million
- $11.6 million
- $3.2 million
- $3.5 million
Expected revenues for FY13 include:
- About $168.3 million in property tax (based on the best case 2.5 percent tax levy)
- State aid of $37.4 million
- Local receipts (licenses and permits) $15.6 million
- Free cash $2.6 million
The town’s revenue comes from two primary sources, residential taxes, which account for 74% of the town’s revenue, and state aid, which represents 16% of the overall revenue, explained Kelley
Town Meeting members will vote on the proposed FY13 budget in April or May. Annual Spring Town Meeting begins April 24.