NEW GLOUCESTER — Selectmen set the tax rate Monday night at $12.95, a drop of three cents from last year.

The amount means an overlay of $281,759 for next year to meet financial needs.

The municipal appropriation is $2,584,501; SAD 15’s assessment is $4,143,568; Cumberland County’s assessment is $266,255; and tax increment financing at Pineland is $200,000.

Total spending is $7,476,083 and revenue is $1,551,424, which includes state municipal revenue sharing and homestead reimbursements. The net assessment for tax commitment is $5,924,659.

In other business, five sealed bids were opened for preliminary design proposals to construct a public water supply system in the Upper Village area, near the intersection of Routes 231, 100 and 202.

Submitting proposals were Woodard and Curran of Portland, Wright-Pierce of Topsham, Dirigo Engineering of Fairfield, A.E. Hodsdon of Waterville and CES Inc. of Brewer.

The board will hold a special meeting next week to name a firm.