Londonderry Town Council Vice-Chairman John Farrell made a major proposition during the Oct. 2 meeting when he asked fellow council members to give one million dollars back to the taxpayers after finding out their would be a surplus in the budget.
During this week’s Town Council meeting, on Oct 16, a debate took place on whether to give back the entire million in December, return some of the money, or wait until spring. The Unassigned Fund Budget (UFB) currently has enough money in it to allow the council to give a hefty amount back to the resident of Londonderry as a minor tax cut. Farrell wanted to return the full million. Councilmen Joe Green and Jim Butler were not so sure.
Green was afraid that by returning the entire million it could possibly create a tax spike. Just because it would lower the tax rate for next year, doesn’t mean the 2019 tax rate wouldn’t go up even higher than it is now. He doesn’t want to “Kick the can down the road,” over a one-time repayment.