Here’s a link to the Article as it will appear on the Ballot:
What it means: The Town currently holds various financial instruments for which there are brokerage charges. These charges are currently expended out of our Operating Budget. New legislation allows each municipal entity to deduct the expenses associated with brokerage accounts directly from the individual capital reserve funds in their custody. Note that if Article 32 passes, we would not be able to change the system for 5 years from the time we adopt it.
Those in favor say: If this Article is approved, we will save some money, since the current system has the Town paying the brokerage fees for the school and the Village for their capital reserve funds. Under the new system, each group’s expenses would be deducted from their own Capital Reserve Funds.
Those against say: No one spoke against this Article at Deliberative Session.
Fiscal Impact: The average Hampton home valued at $329,000 would bear an increased tax cost of $.18 if this Article passes.