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NARRAGANSETT â€“ The townâ€™s pension system is the biggest priority this budget cycle.
Town Manager Pamela Nolan said in an interview Monday that the town is working diligently to fully fund the annual required contribution, or ARC, at $5.6 million.
Nolan said fully funding the ARC would add that $5.6 million to the townâ€™s annual budget. She said $2.5 million would come from the general fund, with additional monies coming from the townâ€™s enterprise funds, such as the water fund, the wastewater fund and the beach fund.
â€śWe are looking to continue to provide services as best we can and keep from raising taxes as much as possible, but we still wonâ€™t be able to fully fund the ARC,â€ť Nolan said. â€śWe could just raise the taxes a couple a dollars a year, if we fully funded out of taxes, but we are actively and aggressively pursuing a method not to fund it through taxation.â€ť
Nolan said the budget is being reviewed critically in an effort to keep from significantly raising taxes.
Finance Director Laura Kenyon said the town is also bound by the stateâ€™s 4 percent tax cap.
â€śOur plan is to fully fund the ARC but it doesnâ€™t look like weâ€™re going to be able to do it in one year,â€ť she said. â€śWeâ€™re looking to our future budget to see what a practical plan would be to get it fully funded.â€ť