FARMINGTON — Should Farmington join other towns in switching the town’s budget from a calendar year to a July-June fiscal-year format?
That’s the basis of a joint meeting of the town’s Budget Committee and Board of Selectmen scheduled for 6:30 p.m. Wednesday, May 5, in the downstairs meeting room at the town office.
The subject has been mentioned over the last few years but during this last town budget process, the board decided it was time to discuss and share information on a possible move to the July-June format, said Town Manager Richard Davis.
“There is no definite plan,” he said.
The town currently approves a budget at the annual meeting in March, almost three months into the year. One advantage to the alternate fiscal year would be realized by approving the budget prior to the start of the fiscal year.
When the county moved from a calendar year to fiscal year, it created a one-time extended tax bill of 18-months for towns to cover the six-months up to July and the first fiscal year; an issue that could face taxpayers if the town moves its fiscal year.
If Wednesday’s discussion develops, the board would have to approve the fiscal year move but nothing could be done until after Jan. 1, Davis said. This year’s budget is already in place.
The meeting is open to those interested.