With town department officials, local representatives from the State General Assembly and citizens in attendance, encouraging news was presented for the proposed fiscal 2012-2013 budget at Monday night's town council meeting.
The proposed total tax levy of $62,297,901, while representing an increase of $437,556, is the result of valuation growth, including new home construction, only. That means tax rates for residents would remain at the current (fiscal 2011-2012) levels: $18.06; commercial, $21.76; motor vehicle, $18.75 and tangible property, $18.06.
Before being approved and ratified within a few months, the budget must still undergo public scrutiny and discussion in upcoming town council meetings.
“It is a tight budget,” confirmed Town Manager Thomas Hoover. “It involved a lot of strain trying to squeeze in everything. And there will still be a lot of hard work over the next few years to maintain the (proposed) budget.”
According to the latest Moody’s Investor Service report, Coventry was assigned an A1 rating for $4.3 million of general obligation bonds and its outstanding parity debt of $23.65 million. While the report also cited that the “outlook remains negative” for Coventry, there was a silver lining in the announcement.
“I visited Moody’s in Manhattan on Friday because the town was up for a bonds-rating review,” said Cote. “We were very concerned we were going to receive another downgrade. I am happy to report we will not receive a downgrade after two years of previous downgrades.
“Coventry is going to come back,” added Cote, praising the work of Town Council members, Town Manager, Finance Department and other local officials. ”We are not going to wait until someone else solves our problems.”