The proposed budget for the fiscal year that begins on July 1, 2016 will be presented at a hearing on Monday, April 18 in the Meeting Hall of Memorial Town Hall at 7:30 p.m. The presentation will include a Power Point with budget details.

The final budget proposal is $35,208,538, an increase of $451,897, or 1.3 percent, over the current year. The increase can be largely attributed to Regional District 18 expense of $551,896.

Major capital project requests include construction of an Academy Lane Fire Dock, a Public Works salt shed, and renovation of the Lymes’ Senior Center’s HVAC system.

The Town’s general government budget is decreased from the current year, largely due to reductions in Public Works, Health and Police Department staffing as well as the elimination of Septage Expense.

Anticipated Town revenues are sharply reduced due to reductions in State funding. ECS (Education Cost Sharing) funding from the State, $605,000 in the current year, was initially reduced to $595,000 for 16/17. The Governor has now proposed eliminating it for Old Lyme and a number of other communities.

The Board of Finance has voted to apply $600,000 from the Town’s surplus (unspent funding allocations from prior budget years) to make up the deficit from state funding, resulting in a mill rate of 21.2. Without use of surplus funds, the mill rate would increase to 21.59.  The current mill rate is 20.62.