December 19, 2018

Old Lyme Town Budget Hearing Tonight in Town Hall

The Old Lyme Board of Finance will conduct a public hearing on the proposed town budget for the 2018-19 financial year this evening, Monday, April 16, at 7:30 p.m. in the Meeting Hall of the Old Lyme Memorial Town Hall at 52 Lyme Street, Old Lyme.

The proposed budget totals $9,957,916, which represents a 1.4 percent increase over the current year’s budget.  Major factors impacting the budget are reduced income from the state and increased healthcare insurance premiums for Town employees.

The two largest expenditure items are $300,000 for the Mile Creek bridge replacement and $230,000 for road overlay projects throughout the town.  Expenditure on the upcoming renovation project for the Old Lyme Phoebe Griffin Noyes Library is not included in the budget.

The anticipated increase in the mill rate that would be required under the proposed budget is 0.16 mills from 21.75 to 21.91.  The mill rate is not finalized, however, until after residents have voted on the budget.  That vote is scheduled to take place at a Town Annual Meeting on May 21.  The vote on the Region 18 budget is planned for Tuesday, May 8.

A copy of the proposed town budget can be viewed at this link.

 

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