LOWELL | The Town Council gave final approval Monday to a $5.2 million budget for 2009.
The council also agreed to borrow $250,000 from its gambling revenue fund to get through the end of the year.
The 2009 budget, which will go before state officials, is based on an assessed valuation of $400 million, Lowell Clerk-Treasurer Judy Walters said, with a proposed levy of $4.51 per $100 of assessed valuation. The 2008 budget had an approved levy of $4.39 million.
Although the budget includes a 3 percent increase in salaries for town employees, consultant Greg Guerretaz of Financial Solutions Group told the council two weeks ago that the chances of getting any inflation-based budget increases approved are slim.
Although the town has been spending frugally, Guerretaz said the tax caps that become effective next year and property tax dollars that will be frozen will ensure lean times ahead.
The $250,000 loan from gambling revenue is to be paid back Dec. 31 or whenever the 2008 tax settlement draw is received.
