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Saturday, February 20, 2010

Wallingford’s grand list shrinks by 0.04%

So here is the five minute summary:

  • The grand list has decreased by 0.04%
  • This is a decline of about $300,000.00
  • For the purposes of budgeting, the practice has been to assume that the grand list will generate between $700,000 and $1 million of new revenue from taxes alone for the town

The view from here is even dimmer; what this means is that an increases in costs and expenditures which include capital purchases as well as increases in salaries are going to come 100% on the backs of the tax payers as there is a loss of revenue instead of an offsetting gain from growth.

With revaluation coming up it will be interesting to see how much of that is going to land on the backs of Wallingford’s businesses and the residents of town.

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