LIVERMORE – The Select Board voted Thursday to set the tax rate at $13.80 per $1,000 valuation of property for 2010-11. It is $2.10 less than last year’s rate, Treasurer Kurt Schaub said Friday.

He reviewed the financial information leading to the commitment, particularly the calculation of the remaining 2010 balances that are used to reduce 2011 taxes, prior to selectpersons setting the rate, he said.

At budget time, it was estimated there would be about $68,000 in remaining balances to reduce the commitment, while the actual amount turned out to be just over $89,000, he said.

The favorable result is due to a combination of factors, including the mild winter, expense curtailments and departmental revenues running ahead of budget. He stressed that employees have continued to work hard to cut expenses.

The revenue results, $102,243 actual versus $87,600 budgeted, were particularly helpful given the midyear reduction by nearly $20,000 in state Municipal Revenue Sharing, he said.

Motor vehicle excise taxes also ran slightly ahead of projections.  Turning to the 2011 fiscal year, he presented his estimates for General Governmental revenues, which include excise taxes and state reimbursements.

He said he recommended a conservative approach in estimating those figures, particularly in an uncertain economy.  He also reported that the state is delaying a portion of this year’s Homestead Exemption reimbursement.  The town used to receive 80 percent of those funds in mid-August, and the balance in December.  This year, 75 percent was received in August, and the balance will not be received until July 2011, he said.

He recommended caution in relying too heavily on the state’s Revenue Sharing estimate, given last year’s unanticipated reduction, Schaub said.

Turning to the tax rate calculation, he said, O’Donnell and Associates, the town’s assessing agent, has completed the revaluation project and the new figures have been electronically transferred to the billing system. 

The tax rate calculation allowed for a minimum rate of $13.58 and a maximum of $14.26. 

Selectpersons had three rate scenarios to choose from: $13.75 with $31,057 overlay, $13.80 with $40,293 overlay and $13.85 with a $49,528 overlay.

Schaub recommended $13.80 that gave the town enough overlay to cover the possibility of more abatement applications being submitted due to the revaluation and other circumstances.

dperry@sunjournal.com

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