NORWICH – The Town of Norwich is preparing the final adjustments for the 2012 fiscal year and according to Town of Norwich Supervisor David Law, alterations have been made that will benefit taxpayers in the coming year.

Law said it has been a prosperous year and good news for taxpayers is on the horizon. Local residents can expect to see a decrease in highway taxes and general taxes will remain static. Residents will pay 15 cents less than last year as the highway tax falls from 76 cents to 51 cents, in part due to state municipal funding and money used from the town’s reserves.

Of the $450,000 the town has in reserves, $50,000 was used for highway, reducing the amount needed in highway taxes. Another $8,348 of reserves was used to prevent an increase of general tax. Without an increase in taxes, said Law, the town is dependent on the nearly $75,000 quarterly amount it receives in sales taxes.

Said Law, “The sales tax is our main source of operations with no general tax ... It’s how we can still function.”

Nearly $30,000 in additional state aide was given to the Town of Norwich this year. This number fluctuates year to year, said Law, as the annual state funding given to every municipality is determined by each municipalities’ annual needs. Along with using state assistance to lower taxes, the town also used it to repave the Town Hall parking lot, sparing taxpayers the burden of the $28,000 project.