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488WVN CORRECTION: Proposed borrowing

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  • waylandvoters1
    Mar 6, 2011
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      Dear Wayland Voter,

      WVN Newsletter #390 misstated the effect of a proposed debt exclusion on the April ballot.

      If the debt exclusion passes on the April 5 ballot and is further approved at Town Meeting, the property tax impact from the debt exclusion only will be a decrease of 3 cents per $1,000 of assessed valuation (approximately $20 for the average assessment).

      If the debt exclusion fails, the tax impact from the debt exclusion only will be that taxes will decrease by 9 cents per $1,000 of valuation (about $60 for the average assessment).

      Overall town spending will rise by 7.4 percent in Fiscal 2012, so the increase in taxpayers' bills will far outstrip the saving from the debt exclusion impact.

      Most of the increase in property taxes will result from the previously approved high school debt exclusion. In addition, the Finance Committee is as usual recommending the full operating budget increase allowable without exceeding the Prop. 2-1/2 limit.

      Details of the proposed borrowing are in a previous WVN newsletter: