CAPE ELIZABETH — The Town Council will hold a public hearing Monday on a proposed $38.7 million budget for fiscal 2018 that would increase overall spending by 2.2 percent.
The municipal budget would increase $132,911, or 1.1 percent, from just over $12 million to $12.2 million in the fiscal year starting July 1. The school budget would increase $591,469, or 2.4 percent, from $24.3 million to $24.9 million for the 2017-18 school year, according to budget documents. The county assessment, meanwhile, is set to increase $84,002, or 6.7 percent, from $1.2 million to $1.3 million.
The amount to be raised in property taxes would increase $1.2 million, or 4.2 percent, from $29.5 million to $30.7 million.
As proposed, the property tax rate would increase 65 cents, or 3.9 percent, from $17.54 to $18.22 per $1,000 in property value. At that rate, the annual tax bill on a $300,000 home would increase $204, from $5,262 to $5,466.
Monday’s public hearing will be held at 7 p.m. at Town Hall. The council will vote on the budget May 15 and a town referendum on the school budget will be held June 13.
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