East Millinocket to Consider Reduction in Tax Rate
EAST MILLINOCKET - East Millinocket voters will be asked to apply surplus funds in excess of $1 million dollars to reduce the tax commitment.
Selectmen have taken steps to increase the amount of the surplus by removing stipulations that would have turned surplus funds back into department budgets.
While in previous years, unspent funds in any departmentís budget were rolled back into the departmentís reserve account, this year unspent funds will be moved into the general fund.
By restructuring the townís finances in such a manner, selectmen hope to establish a $1 million buffer to be used in the event of another tax payment crisis like the one that struck this year, when Great Northern Paper Company closed its mills and filed for bankruptcy protection.
At the same time, the town hopes to be able to reduce next yearís property tax rate, which is based on the amount of money which must be raised by taxation in order to meet the budget.
East Millinocketís regular annual town meeting will be held at 6:00 p.m. on Tuesday, June 24th at the Schenck High School gymnasium.
-- Ken Anderson 06/17/03