THE CITY REBORN FROM THE ASHES OF AMERICA'S MOST DISASTROUS FOREST FIRE
Town of Lake Public Budget Hearing, Special Meeting
The Town of Lake public budget hearing and special town meeting will be held on Thursday, Nov. 3rd at 7 p.m. at the Lake Town Hall. The proposed budget in detail is available for inspection at the clerk's office by appointment only.
Also on Thursday, Nov. 3 immediately following completion of the Public Hearing on the 2017 proposed budget will be a Special Meeting of the electors to decide on the following issues.
To approve total highway expenditures for 2017.
To establish the compensation for election town officers.
To consider a town board resolution which proposes that the town levy exceed the state allowable levy limit, specifically a proposed tax levy which would exceed the allowable town tax levy for 2016 by 27.23 percent which would be a dollar increase of $100,000.
To approve the 2016 total town levy to be collected in 2017.
To consider the adoption of a resolution authorizing the construction of a Town Public Works Building. The steel structure would be approximately 60 feet by 80 feet at the location in the town at W6202 Loomis Road. The cost for constructing the building shall not exceed the sum of $350,000. The cost may be amortized over a 10 year period at an interest rate not to exceed three percent (3%) per annum.
Wisconsin has adopted levy limits on town, village, city and county levies for 2016 and statute limits the allowable local levy for 2016 to a percentage increase of no more than the greater of a percentage equal to the percent change in equalized value due to net new construction; which for the Town of Lake is 1.267 percent;
Town of Lake board feels that for the 2016 tax levy, collected in 2017, is in the town's best interest to exceed the state levy limit as described above by a greater percentage than 1.267.
The Town of Lake 2015 taxes payable in 2016 adjusted actual levy is $385,118; and state law would limit the increase to $4,879 for an allowable town tax levy of $389,997 before adjustments, for 2016, collected in 2017. The town board supports an increase in the town tax levy for 2016 that will exceed the state levy limit and directs that the question of increasing the town tax levy for 2016 by 27.23295 percent , which would increase the town levy by $100,000 for a total town tax levy of $489,997.
The Town of Lake 2017 budget shows revenues and expenses totals at $849,346, a 49% hike over 2016.