
Conceptual Plans: Options and Funding Survey
Municipal projects are funded through the Town Budget either as a single year cost through the Capital Improvement Program (CIP), or through Bonds where the Town borrows money and makes payments spread out over several years. The Town Budget is funded through municipal taxes, so any increase to the Budget will likely increase municipal taxes. This exercise suggests potential impacts of various size projects to the mill rate to determine the public’s appetite for funding potential projects.
- Town of Groton 2022 Budget = ~$138M
- Town of Groton 2022 Mill Rate = ~26 Mills
- Town of Groton Median Home Value = $300K
- Approximate Town of Groton taxes on Median Home Value = $7800
*(All values are approximate and intended for discussion only)
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