General

Board of Finance approves FY2023 budget, increase of 4.58% – HamletHub

Last week, New Canaan Board of Finance approved a Total Expenditure Budget of $161.58 million for fiscal year 2023, representing an increase of 4.58% over fiscal year 2022 of $154.51 million, this translates into a 1.48% increase in the Mill Rate.

The Board of Finance’s budget recommendation now goes to the Town Council which may accept, reduce or reject the Board of Finance budget recommendation. The Town Council will hear from Departments and after an official notice will hold a public hearing on the budget on March 24, 2022. The Town Council will approve the final budget on April 5, 2022.

The Total Expenditure Budget includes Board of Education operating expenses of $85.67 million (up 2.81%) and Board of Education transfers to the Health Internal Service Fund expenses of $13.38 million (up 49.66%) for a combined Board of Education expense budget of

$99.05 (up 7.35%). In addition to these Board of Education expenses, the budget also includes

$9.16 million of other Board of Education expenses paid by the Town. In total, the Board of Finance approved $108.21 million for the Board of Education for FY 2023.

Town department operational expenses were $30.90 million (up 5.46%). Other budget items include a combined Town and Board of Education debt service of $18.34 million (up 4.09%) and tax‐funded capital projects of $0.23 million (down 86.57%). To fund this budget, the amount to be raised from taxation is $144.74 (up 3.25%).

“All the departments did a great job to get us to where we are. After four years of keeping the amount raised by taxation flat, we are faced with increased labor, materials, and health expenses in this budget cycle. We were able to reduce expenses nearly $4M throughout the process that started in January, while meeting all the necessary operating expenses that were requested,” added Board of Finance Chairman Todd Lavieri. “This budget fully funds the board of education’s operating spending requests for teachers, administration, aides, health expenses, sports, arts and the rest.  Through careful spending and planning, we have funded our schools, important social programs, public works, police, emergency, and fire budgets, while keeping our Mill Rate increase at a modest 1.48%,” added Lavieri.

The Board of Finance’s budget takes into account the Town Assessor’s reported 2021 Grand List (before the Board of Assessment appeals) increase of 1.76% to $7.94 billion from the 2020 net Grand List (after the Board of Assessment appeals) of $7.80 billion.

Attached is a summary of the Board of Finance FY 22‐23 Recommended Budget. The full Board of Finance Recommended Operating and Capital Budgets for FY 2022‐23 can be found at the Finance Department homepage at www.newcanaan.info/Departments/Finance.

For further information, contact:  Joshua Kaufman, Budget Manager, 203‐594‐3026.

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