Town of Foster / Finance Director

Town of Foster / Finance Director TOWN OF FOSTER
NOTICE OF PROPOSED PROPERTY TAX RATE CHANGE
The Town of Foster proposes to increase its property tax levy to $14,979,776 in the 2025-2026 budget year; the property tax levy this year is $14,489,218. THIS IS A PROPOSED INCREASE OF 3.39%.
It is estimated that the proposed tax levy will result in a property tax rate of $21.51 per $1,000 of assessed valuation for real estate, and $31.12 per $1,000 of assessed valuation for tangible personal property, as compared to the current property tax rate of $20.83 per $1,000 of assessed valuation for real estate, and $31.12 per $1,000 of assessed valuation for tangible personal property.
A property tax rate of $21.65 for real estate and $31.12 for tangible personal property would be needed in the coming budget year to raise the maximum levy authorized by section 44-5-2 of the general laws.
The Annual Financial Town Meeting will be held at 7:00 pm on Tuesday, May 6, 2025 at the Captain Isaac Paine Elementary School, 160 Foster Center Rd.
The above property tax estimates have been computed in a manner approved by the Rhode Island Department of Revenue. Steven H. Plouffe, Town Council President
EXPENDITURES Operating
Education $9,999,422 General Financial/Admin. 1,399,220 Libraries 190,500 Public Works 1,785,536 Police Protection 1,880,064 Animal Control 53,000 Fire & Rescue Protection 829,636 Parks & Recreation 32,521 Long-term debt and other obliga. 276,375 Transfers to Other Funds 30,000 Capital Transfer 625,000 Total Operating 17,101,274 Total Capital 1,113,267 TOTAL EXPENDITURES $18,214,541
REVENUES
Local Property $14,929,028 Local Non-Property 317,000 Federal - State 1,840,271 Transfer from Capital 625,000 Use of Surplus/Capital Reserves 488,267 Transfer from Land Trust 14,975 TOTAL REVENUE $18,214,541
Capital
$ 63,134 - - 591,000 119,133 - 240,000 100,000 - - -
$1,113,267
Operating
$ 9,865,151 1,366,151 186,000 1,631,810 1,765,414 50,000 807,786 28,833 491,275 28,000 565,000 16,785,420 1,659,072 $ 18,444,492
$ 14,443,318 295,000 - 1,816,677 565,000 1,309,072 15,425 $ 18,444,492
Capital
$ 249,072 80,000 - 505,000 675,000 - 150,000 - - - -
$1,659,072
Financial Town Meeting PROPOSED 2025-2026
CURRENT 2024-2025
Certification: This is to certify that the data contained in this report are accurate to the best of my knowledge. Steven H. Plouffe, Town Council President.