JAY — Selectpersons and members of the Budget Committee added $50,000 to a proposed budget Tuesday to start a valuation reserve account.

That brings the proposal for 2015-16 up to $5.64 million, which is $99,986.60 more than the current budget.

Budget review continues at 6 p.m. Wednesday, Feb. 25, in the library at the Spruce Mountain High School.

The panels reviewed department budgets, ambulance and debt service among other accounts Tuesday. The library request and donations will be taken up Wednesday.

The $50,000 to start a valuation reserve account was added to the Professional Services budget bringing it to $201,600.

Town Manager Shiloh LaFreniere suggested a line be added for the new reserve to start building it up for the valuation of properties in the future.

Last year, voters were asked to transfer $300,000 from undesignated surplus to pay for a revaluation of the Verso Paper Corp.’s mill and other properties in the town. Prior to doing the revaluation of the mill, Verso requested an abatement for the tax year April 1, 2013, of $469 million of valuation on its mill and property, claiming the town had significantly overvalued the mill.

“We are still in negotiations with the mill and that money is depleting,” she said.

Instead of having to hold a special town meeting to transfer money from the undesignated fund, she said it would be better to put money in the budget.

There are several ongoing issues, including the Board of Assessment Review handling an appeal by Verso of selectpersons’ 2013 abatement. In addition selectpersons are facing another tax abatement request from Verso for the tax year April 1, 2014.

“I would love to have a crystal ball” during budget negotiations because there are so many unknowns on how the legal issues will end up, she said.

Budget Committee member Mike Ventrella said it was scary not being able to predict what the outcomes will be and how it will affect the town and taxpayers.

The last revaluation of the mill was done in 1996, and the town should have started saving for another revaluation at that time, Selectperson Justin Merrill said, but it didn’t happen.

LaFreniere said she was reluctant to say raising $100,000 to put in the reserve because it sounds like a big number.

Selectperson Chairman Steve McCourt suggested they start with $50,000, and if they need more money they will have to come back to voters to transfer funds from surplus.

“Fifty thousand is better than nothing,” Merrill said.

The two panels agreed and put the $50,000 in for the reserve account.

Once the proposed budget is finalized, it will go to public hearing on 6 p.m. Monday, March 16, at the Spruce Mountain High School. Residents will vote on the proposal in a referendum April 28 at the polls.

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