Finance Committee - 3/21/2018 Page 19
several years. But whenever you go through something like this, there will be information hearings,
discussions, abatements and so forth. And for you folks, we have an overlay account which is used to support
the payment of tax abatements. So the current overlay annual amount is $2 million dollars. If a tax payer was
awarded an abatement or had an abatement they would get it out of that account.
Mayor Donchess
But our balance is more than that.
John Griffin
And the balance is more so as the Mayor indicated there is a $2 million dollar amount in this tax year, there is a
$1.7 carryover from last year and there is another $1.5 million in the fund balance reserve. So those three
numbers added together is what we have right now.
Mayor Donchess
Which is $5 million dollars or so, so if we lose a case there is money to back it up. Just on the schedule that
you've pointed out, the people will be mailed their valuations in August and then they will be, anybody who
wants an informal hearing with KRT will be able to come in and have a hearing, basically a meeting to discuss
their valuation, those will occur during September. So anybody who wants to discuss their value can meet with
KRT and present whatever they would like and hear from KRT how KRT arrived at the value that they did
arrive at. And that covers of course residents with homes but also commercial properties as well.
There is a motion to approve the contract. Any discussion?
MOTION CARRIED
UNFINISHED BUSINESS — None
DISCUSSION
Alderman O’Brien
Thank you Mr. Mayor. | apologize for my tardiness | was tied up in Concord and everything. | totally support,
we are doing a lot of work on East Hollis Street with the sewer system and particular Temple Street area. And
that being a big thoroughfare there, emergency management, Police and Fire will be notified, can we get word
in the paper and everything that work is going to be done because that’s a big traffic issue | anticipate.
Mayor Donchess
You are referring to which item?
Alderman O’Brien
This is the first item, the emergency request for TDD Earth.
Mayor Donchess
Yes we can make sure people are notified.
Alderman O’Brien
Thank you Mr. Mayor.
