East Lyme Receives More Money From State Than Expected

Putting together a budget without knowing how much money you have coming in is, as one of the East Lyme Board of Finance members put it, like throwing darts blindfolded. Now the state has passed its budget, however, the blinders have come off and East Lyme rather likes what it sees. 

The town had, at various points during the budget process, anticipated that it would receive considerably less than it had in the past from the state because of proposals to eliminate Payments in Lieu of Taxes and reduce the amount East Lyme would receive from the Pequot Fund. 

The budget that passed on the last day of the Legislative session, however, allocated $755,862 in PILOT funds and Pequot funds remained at the same level as last fiscal year, East Lyme First Selectman Paul Formica said. What's more, state funding for Local Capital Improvement Projects and Town Aid Road funds for East Lyme was higher than the town had anticipated. 

During the budget process, the town used conservative estimates for LoCIP and Town Aid Road revenues. Now the actual numbers are in and revenues are higher than predicted, however, the town needs to increase the adopted budget for fiscal year 2013/2014 to reflect the actual dollar amount it will be receiving from the state. 

On Wednesday, the Board of Selectmen voted to approve a special appropriation of up to $267,132 in the 2013/2014 budget because it will be receiving $107,916 more in LoCIP funds than projected and $159,216 more in Town Aid road. The motion now goes to the Board of Finance for approval. 

The increase in the budget will have no affect on taxes or the mill rate. However, because it's a change in the approved budget, it will go to voters for final approval. The Board of Selectmen set June 19 as the date for a Special Town Meeting, to be held at East Lyme Town Hall at 7:30 p.m.