Minutes

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

Finance Committee - 3/21/2018 Page 18

Mayor Donchess

Finance Committee - 3/21/2018 Page 17

work with KRT we work together on the contract and we are comfortable with the contract. But we will get into
that a little bit later | suppose. Thank you.

Mayor Donchess

Finance Committee - 3/21/2018 Page 16

Right now, | guess my house is worth a little bit more, | choose to live in it and everything else like that and |
am going to pay the taxes like everybody else. It’s bad to be us right now. But this it the way it basically is and
it’s, | don’t see any way around it. We just have to got to do what Nashuans really do and grin and bear it and
Carry on.

Alderwoman Kelly

Finance Committee - 3/21/2018 Page 15

Massachusetts there is a different law, and each community sets separate rates for residential and
commercial. So commercial is set, in most communities, maybe all, | don’t know. John lives in Tyngsboro.

John Griffin

Tyngsboro has a flat rate, has a one tax rate, but neighboring communities that have a commercial base it
could be up to 175% of a single rate.

Mayor Donchess

Finance Committee - 3/21/2018 Page 14

Finance Committee - 3/21/2018 Page 13

bring in be directed into CERF and the answer is yes. These new assessments will be reflected in next year’s
budget really not the one we are considering now. Is that correct? That’s not really correct is it? Considered
in next year’s budget. No that’s not really correct, but we would have passed the budget and we could, the
next time the budget comes around, we could certainly use the additional tax base to increase the amount
going into CERF.

Alderman O’Brien

Finance Committee - 3/21/2018 Page 12
David Fredette

Most of the fire trucks are bonded. The one that is in 2019 you can see that Pierce Arrow is going to be
bonded $655,000.00 so most of them, so far, have been bonded. Not the pickup trucks they might buy, or an
SUV but the actual ladder trucks and all that, they do get bonded.

Alderman O’Brien

Finance Committee - 3/21/2018 Page 11

Mayor Donchess

Finance Committee - 3/21/2018 Page 10