The fiscal year 2016 Hamilton town and school budget is proposed to be $27.2 million and will go before voters for approval at the Annual Town Meeting on Saturday morning in Article 2-3.
Next year’s budget, if approved, will go up by just 1.7%, which is less than the rate of inflation, according to Hamilton Town Manager Michael Lombardo.
A primary reason the town’s tax rate will go up is the loss of revenue – with the largest portion being a reduction in the use of free cash. At last year’s Town Meeting, the Finance and Advisory Committee said it was the last year of the Hamilton-Wenham Regional School District’s so-called giveback. Surplus funds had been used to reduce what taxpayers were charged but with this year’s budget, there is no large school giveback – what Lombardo calls “a boomerang effect.”
It will also be the first year of debt payments for the landfill capping bond and new
Both the Board of Selectmen and Finance and Advisory Committee recommend approval.
See a quick summary of revenue and expenses in the 2016 Hamilton town budget: R to E highlights FY2016