welcome to the treasurer's office
Treasurer: Mark Adams
Deputy Treasurer: Rose Fundakowski
Financial Aide: Zoe Ames
The function of the Treasurer's Office is to deal with all matters pertaining to the financial operations of the Town including accounting, benefits, budgeting, payroll, purchasing, risk management, and trust funds.
Responsibilites include:
- Coordinating the annual budget process and monitoring its compliance after adoption.
- Coordinating the annual audit.
- Establishing and maintaining controls over the Town's financial activities.
- Providing accurate financial information in a timely manner within available resources.
BUDGET.
The Budget for Fiscal Year Ending June 30, 2007 in the amount of $ 43,894,339 was adopted on June 28, 2006 (Agenda Item #06-171) [Note: The budget for Fiscal Year Ending June 30, 2006 was $43,615,360]. The budget is allocated to the following primary categories:
School Operations |
$ 26,309,267 |
[FYE 2006 $25,475,000] |
Municipal Operations |
9,196,057 |
[FYE 2006 8,510,617] |
Other Transfers |
179,339 |
[FYE 2006 503,069] |
Debt Service |
6,078,301 |
[FYE 2006 5,108,962] |
Capital Improvements |
2,131,375 |
[FYE 2006 1,720,958] |
Additional budget information can be found in the Budget Section of this Web site.
2006 TAX RATES.
The current tax rates (are based upon the Assessment Year December 31, 2005 for Fiscal Year Ending 2007) reflect the impact of the Town's recent revaluation and are as follows:
Real Estate, Tangible Personal Property $ 13.15 per $1,000 valuation ($13.05 - 2005; $12.55 in 2004)
Motor Vehicle (frozen rate) $ 40.00 per $1,000 valuation (same in 2005 & 2004)
Personal Exemptions are now given out as a dollar tax credit. In the past, personal exemptions were valuation based and had their own tax rate. This is no longer the case. If you have any questions on exemptions please contact the Tax Assessor's Office.
The tax bills have been mailed out on July 5th. The first quarter taxes are due and payable when received with interest being assessed as of August 2, 2006.
Interest will be assessed on Friday, August 11, 2006. The last day to pay taxes interest free in person is on Thursday, August 10, 2006. Tax Payments made by mail that are postmarked as late as Thursday, August 10, 2006 will be not subject to interest assessment.
Please remember that the Town Hall closes at 12:30 pm on Fridays and is open until 7:00 pm on Thursdays.
Note that there is also a drop box at the door near the parking lot that is available for your convenience. Please do not put cash in the box - your cancelled check will be your receipt.
All other quarterly tax payments are due as noted on the tax bill [November 1, 2006, February 1, 2007, and May 1, 2007]. Any quarterly payments received after those dates will have interest assessed on the outstanding balance from August 1, 2006 until the date of payment.
Note that in conjunction with the State's motor vehicle phase out program, the motor vehicle rate is frozen at $40.00 per 1,000 value and will remain at that rate through out the phase out process.
The distribution of one tax dollar is as follows:
2006 2005
School (Operations & Debt) $ .82 $ .79
Wastewater Treatment (Debt) .04 .07
Municipal (Operations & Debt) .14 .14
Total $ 1.00 $ 1.00
Stated another way, the distribution of the tax rate is as follows:
2006 2005
School (Operations & Debt) $ 10.79 $ 10.28
Wastewater Treatment (Debt) .59 1.89
Municipal (Operations & Debt) 1.77 .88
Total $ 13.15 $ 13.05
TOWN'S CREDIT RATING.
As of July 2000, the Town was assigned an A 1 credit rating (upgraded from an A 2 rating) from Moody's Investors Service and an A + credit rating (upgraded from an A rating) from Fitch's Rating Agency. These ratings were reaffirmed in 2003.
EXISTING BOND AUTHORITY.
Voters in the November 5, 2002 election approved a referendum, which authorizes the issuance of up to $6 million in new bonds, for the purpose of extending sewers to the eastern side of Town (Glendale, Nasonville, Mohegan). This will allow for the completion of the Town's original sewer plan. Financing through the Rhode Island Clean Water Agency has been completed. Construction started in April 2005 and is scheduled for completion in 2007.
Voters in the November 9, 2004 election approved a referendum, which authorizes the issuance of up to $5 million in new bonds, for the purpose of building a new library. Infrastructure construction is scheduled to start in the late summer 2006. Construction on the library itself is scheduled for late spring 2007. At this time it is anticipated that these bonds will be sold in the spring of 2007.
Voters in a May 3, 2005 special election approved a referendum, which authorizes the issuance of up to $7.5 million in new bonds, for the purpose of renovating and expanding the Callahan Elementary School. Construction started in April 2006 and is scheduled for completion in the spring of 2007.
BOND SALE and RETIREMENTS.
In 2003, the Town refinanced two bond issues [1994 General Obligation Bond $ 4,335,000 and 1993 General Obligation Refunding Bonds $ 12, 420,000] by selling General Obligation Bonds in the amount of $ 9,325,000.
The bonds were sold at a rate of 2.97% and will mature in 2017. The Town's A1 and A+ credit ratings were reaffirmed by Moody's Investor Service and Fitch Rating Agency respectively.
In addition, the Town paid off the balances of four general obligation bonds, which totaled approximately $1.5 million, by utilizing funds that were available in the Debt Reserve Fund and this year's operating budget.
On June 14, 2006, the Town sold $7.5 million in bonds for the Callahan School project through the RI Health & Educational Building Corporation at a net interest rate of 4.499%.
If you are looking for additional information, or have any questions, please do not hesitate to contact us (401-568-4300 ext. 117).
Thank you for visiting! If you have any suggestions or comments please let us know.
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