A preliminary budget for the 2017-18 fiscal year would increase Hopkinton’s spending by $709,132. Some of that short-term spending, however, could lead to economic revitalization in the town, according to Hopkinton officials.

The $7,120,299 proposed budget would mean an 11 percent increase from this year’s approved budget of $6,411,166 Hopkinton Town Administrator Neal Cass said.

In particular, the Economic Development Committee is seeking a dramatic budget increase: It’s asking for $41,500 this year, which would represent a 8,200 percent increase, over this year’s $500 budget, according to town documents.

Bob Gerseny, a select board member who serves on the Economic Development Committee, said the increase would allow the committee to conduct marketing and engineering studies to help bring commercial retail to town. The money would also be used to provide support services to existing retailers, such as seminars and speakers on how to promote and run their businesses. Gerseny said the committee is also hoping to sponsor the creation of a chamber of commerce.

“Hopkinton is a great town, with a lot of diversity and good institutions,” Gerseny said. “But it does have its weaknesses, mainly a lack of commercial retail.”

Gerseny said the committee is hoping to foster more retail around Contoocook Village and is looking at the area around Exit 6 off Interstate 89 and the intersection of Route 127 and Route 209 as potential development sites due to heavy travel in those areas.

He said the committee is also interested in bringing in more diversified housing, and said there is a lack of workforce housing and starter homes in the town, which can be a barrier to attracting new residents. There are also not a lot of options for seniors looking to downsize, so condos and senior housing would also be of interest.

Bringing in more business would not only enhance the quality of life in the town, but would diversify the tax base, Gersney said. Hopkinton had one of the highest tax rates in the state last year, ranking seventh out of 259 towns and relies primarily on residential property taxes for funding.

Other big-ticket items this year include debt service, which would increase by 42.87 percent for a total of $722,801; personnel administration, a category that is made up of the health insurance costs and merit-based pay for all town employees, would increase by 40.86 percent for a total of $864,119 if the budget is approved as proposed, according to town documents. Cass said the town had hoped for a 10 percent increase in health insurance, and would be considering cost-saving options, such as switching to a higher-deductible plan.

Other lines with potential increases is the Hopkinton Fire Department, which could see a 34 percent increase, and the Solid Waste – Landfill line, which could increase by 27.36 percent. Cass said the town is considering how they will structure the fire department, which currently has six full-time firefighters and an interim fire chief.

The Capital Improvement Plan budget is also seeing some high-cost items, but Cass said the town takes a 20-year view on the budget and the increases have been planned for. The town is also looking to replace its road grader, which is used to smooth roads twice a year and create a flat surface when a road needs to be repaved. That would cost the town $300,000.

(Caitlin Andrews can be reached at 369-3309, candrews@cmonitor.com or on Twitter at @ActualCAndrews.)