Town of Foster / Finance Director

Town of Foster / Finance Director

181 Howard Hill Road, Foster, RI 02825

(401) 392-9206

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Town of Foster / Finance Director TOWN OF FOSTER NOTICE OF PROPOSED PROPERTY TAX RATE CHANGE The Town of Foster proposes to increase its property tax levy to $11,801,457 in the 2018-2019 budgetyear;thepropertytaxlevythisyearis$11,347,867. TheFY2018andFY2019taxlevies have excluded motor vehicle excise tax for the purpose of determining tax levy growth pursuant to Article11of2017-H5157SubA,asamended. THISISAPROPOSEDINCREASEOF4.00%. The Town of Foster is currently conducting a revaluation of property, which is mandated by the State of Rhode Island. It is anticipated that there will be an overall increase in property values and when coupled with the proposed tax levy will result in a property tax rate of $22.89 per $1,000 of as- sessed valuation for real estate, and $31.48 per $1,000 of assessed valuation for tangible personal property, as compared to the current property tax rate of $23.25 per $1,000 of assessed valuation for real estate, and $31.98 per $1,000 of assessed valuation for tangible personal property. The property tax levy for the 2018-2019 budget year also includes motor vehicles at an un- changed tax rate of $36.95 per $1,000 of assessed valuation, which includes the exemption amount provided by the states motor vehicle excise tax phase-out legislation up to $2,000. A property tax rate of $22.89 for real estate and $31.48 for tangible personal property would be needed in the coming budget year to raise the maximum levy authorized by section 44-5-2 of the general laws. Per Town Charter, the Annual Financial Town Meeting will be held at 7:00 pm on Tuesday, May 1, 2018 at the Captain Isaac Paine School for compliance with the Town Charter only; but will be continued to 7:00 pm Tuesday, May 8, 2018 at the Captain Isaac Paine School for consider- ation of the Town of Foster, Rhode Island budget. The above property tax estimates have been computed in a manner approved by the Rhode Island Department of Revenue. Denise L. DiFranco, Town Council President Transfer from Capital Transfer from Land Trust TOTAL REVENUE 440,023 2,655 $14,066,967 REPORT TO TAXPAYERS ON CURRENT AND PROPOSED BUDGET EXPENDITURES Operating Education $8,550,277 General/Financial/Admin. 1,207,758 Libraries 155,842 Capital $105,023 265,000 70,000 $440,023 Financial Town Meeting PROPOSED 2018-2019 CURRENT 2017-2018 Operating Capital $8,196,462 $ 1,168,868 30,000 150,842 1,262,950 175,000 1,533,369 81,320 34,719 322,250 31,570 24,175 429,504 13,154,709 286,320 286,320 $13,441,029 $12,586,416 145,933 419,705 286,320 2,655 $13,441,029 Public Works Police Protection Animal Control Fire & Rescue Protection Parks & Recreation Transfers to Other Funds 2% Capital Outlay Total Operating Total Capital TOTAL EXPENDITURES REVENUES Local Property Local Non-Property Federal State 546,853 1,321,412 1,533,413 29,000 331,780 32,267 23,000 442,195 13,626,944 440,023 $14,066,967 $12,936,436 141,000 Certification: This is to certify that the data contained in this report are accurate to the best of my knowledge. Denise L. DiFranco, Town Council President