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I'll be interested to see the breakout of that $900k. While I don't doubt the wisdom of keeping a reserve fund; I think it also needs to be a reasonable amount that's based on some actual model of possible need.
Agree - that's why I asked if there was a mandate or other policy requiring one (while noting that the size seemed out of whack at the same time). A lot of my work touches on the need for reserve funds to be based on a methodology that makes sense, not just a number pulled out of a hat. I looked a bit (albeit quickly...so, not very carefully) and couldn't find a requirement for a Hollis reserve of a particular size.) I'd be really curious about how they determined that was the "correct" amount if I lived there.
I could not find a requirement for any reserve fund balance in Hollis, either. And I am really curious about the determination of the $750k amount. I am also curious about the $500k checking account slush fund of public $. Everyone in Hollis should be.
And it is vital to say that while a reasonable amount based on an actual model of possible need sounds good, what we need to see is resourcefulness with regard to costs, especially within our school admin, which does not understand the economy affecting those in the private sector at all. That is the basic underlying philosophical difference in mindset we are paying for.
This sucks. In the midst of one of the worst real estate calamities the country has seen, my property tax bill for Wilton just went up over 10%. Unbelievable. I know they need the revenue but they aren't the only one's hurting! A major protest is definitely in order, although I already know how far that will get me. I can not believe this.
BF and NDQ, here is the breakdown for Hollis compared to 7/10 taxes (you want to compare the rates per thousand to see where the increase has occurred) For example:
Town(this includes Hollis town and (2) Hollis elementary schools) therefore, clock tower and mold, County, School (this is the coop) and State Education department.
If you look at the rates per thousand:
(1st column 7/2010, 2nd column 12/2010, it would not format correctly) Town: ($4.99) ($5.60) County ($1.12) ($1.10) School ($12.25) ($12.40) State Ed. ($2.38) ($2.37)
Total Rate 20.74 21.47
If you look at the town rate it actually increased by 12.2%.
My jab at Hollis schools was not to imply that schools are the reason for the increase, I intended to highlight the fact that they are asking for $900k more in next budget while they are sitting on $1,250,000, $500k of which has not been disclosed at a time when people are really suffering economically, the tax base and enrollment are decreasing and things look less than hopeful for the future. Not only did the School rate increase, but it appears you may not realize the Town rate includes both Hollis elementaries.
The problem with this is the rate is meaningless, unless you tell us what % of assessed value you pay. Usually towns assess the property at 60% of the market value, what you could sell it for (but this varies widely).
Is a rate of 21.47 per thousand of assessed value, and what is the relationship between assessed value, and the actual value of the home?
If you do not like living in a town with higher property taxes move to one that have lower school standards. I suggest any place in central Arkansas. There both the taxes and the schools have lower standards. If you want a first rate educations for yours and your neighbor’s kids you have to pay for it. Quality has never been cheap.
The "Live Free of Die" was a political, not an economic, comment that has been abused by people that want more than they care to pay for.
I do not have any children that require an education. By that standard I should be at the head of the tax protest line. I am not because I believe a well educated society is less likely to fall into the clutches of some monomaniacal dictator that thinks god is on his side.
If you do not like living in a town with higher property taxes move to one that have lower school standards. I suggest any place in central Arkansas. There both the taxes and the schools have lower standards. If you want a first rate educations for yours and your neighbor’s kids you have to pay for it. Quality has never been cheap.
The "Live Free of Die" was a political, not an economic, comment that has been abused by people that want more than they care to pay for.
I do not have any children that require an education. By that standard I should be at the head of the tax protest line. I am not because I believe a well educated society is less likely to fall into the clutches of some monomaniacal dictator that thinks god is on his side.
How many times do we have to show someone that higher school spending does not equate to better education?
As regarding reserve funds, I believe the state likes to see towns reserve between 5 and 10 percent of their yearly budget.
In my town (I am the town budget committee chairman) we hit the perfect storm this last year with a town rate increase of $1.25. We left town meeting expecting a $.40 increase but three things happened. First, there was an accounting error that double booked a large piece of revenue from a construction project so when the state set last years tax rate, it got set $.30 too low. This means you are handicapped in what you can raise by taxation the following year. Second, expected revenues were not there. Third, town wide valuations were down even though there is some new building happening in town.
Our (Londonderry) fearless leaders cut a couple of positions that weren't paid for by the town so they could appear to be cutting spending. I am glad I never got caught in the unaffordable real estate trap. Compared to some my property tax is lost in the round off.
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