Burlington’s mayor says a tax increase anticipated in the 2027 Fiscal Year budget will not be as high as expected.
Progressive Mayor Emma Mulvaney-Stanak says the Vermont city’s retirement plan investments’ rate of return exceeded expectations, and that means the city will need to raise less under the retirement tax.
"This means the overall tax increase that we’ve estimated between the police and fire increase, the debt service tax, which is a splinter tax, the retirement tax and other estimated taxes will increase, instead of 9.4 percent, 6.1 percent. That is a significant decrease.”
The retirement tax funds the pension system for all city workers.
