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Page 2 <br /> Board of Selectmen ' <br /> Minutes <br /> September 30, 1996 <br /> APPOINTMENTS AND HEARINGS: <br /> Finance Committee-Property Tax Relief Program: <br /> The Board of Selectmen met with the Finance Committee to discuss <br /> and assess available funds for the purpose of calculating available <br /> property tax relief to residents of the Town of Mashpee. <br /> Mr. Whritenour presented information relative to the estimated property <br /> tax levy requirements and funds available for the offset for fiscal years <br /> 1997 through 2000. (enclosed) :1 <br /> Based on the analysis, there is approximately$2.8 million in free cash j <br /> available for certification, $1.2 million in stabilization, $900,000 in <br /> overlay surplus, and$750,000 in state revenues. Total approximation; <br /> $5.6 million. <br /> Discussion followed with respect to available state revenues,and related a <br /> appropriation deadline. It was noted that state funding must be attained <br /> by December 1, 1996 to offset the tax rate for FY97. i{ <br /> Mr. Whritenour recommended to earmark the funds for future property <br /> tax reduction if state funding is attained after the FY97 tax rate has been ' <br /> set to adhere to the three year property tax relief program as outlined. <br /> If funding is not attained, the tax rate would be 6% opposed to 2.5%. <br /> Discussion followed with regards to the appropriation of free cash in the <br /> amount of approximately one half of the state appropriation; $350,000, <br /> as a potential mechanism to provide tax relief this year to Mashpee <br /> residents. <br /> Mr.Whritenour recommended the Board set a perimeter with the Finance <br /> Committee to approve the above appropriation method prior to the October <br /> Town Meeting scheduled on Monday,October 7, 1996. <br /> In addition,Mr.Whritenour indicated that he will discuss this matter <br /> further with Representative Cahir and Senator Rauschenbach. <br /> ''i <br />