QUEENSTOWN — There will be no increase in taxes or fees for Queenstown residents and businesses during Fiscal Year 2017, according to the proposed budgets introduced at the town commissioners’ meeting on Wednesday, May 25.
The proposed budgets are spelled out in Ordinance 16-02 and were introduced by Tom Willis, president of the town commissioners. The General Fund Budget calls for a property tax rate of .181 per $100 of assessed real property value for residential customers, and a tax rate of .46 per $100 on all commercial or business customers.
The tax rate is the Constant Yield, according to Pat Bowell, chairman of the town’s finance committee.
Under the General Fund Budget, total operating expenses for the fiscal year beginning July 1 will be $588,082 and total general revenue will be $641,602, according to the budget ordinance. Operating expenses for the current fiscal year are $593,301 and total revenue for the same period is $598,663.
Also introduced as part of Ordinance 16-02 was a Water and Sewer Fund Budget that proposes total operating expenses of $602,024 and total revenue also of $602,024. The water and sewer budget is required to be balanced, according to Bowell.
By comparison, the Water and Sewer Fund Budget for the current fiscal year has total expenses of $513,500 and total revenue of $511,048.The difference has been made up with from other sources, according to town officials.
Capital expenditures totaling $60,300 are also included in the FY 2017 General Fund Budget. They include pipe and street repair on Melvin Avenue totaling $50,000; pipe and street repair at Old Wharf Lane and Main Street costing $1,700; and upgrading a ditch to install piping on Old Wharf Lane, totaling $8,600.
“The town is in very, very good financial shape,” Bowell said.
There will be a public hearing on the proposed budget on Wednesday, June 15 at 7 p.m. at the town hall. By law, the budget must be adopted by June 30.