Norwalk CFO outlines mayor’s recommended 2025–26 operating budget, highlights tax pressures and offset plans

CFO Jared Schmidt presented the mayor’s recommended 2025–26 operating budget to the Norwalk Common Council at a special meeting on Feb. 11, describing it as “a challenging budget to develop” and outlining revenue losses, cost pressures and measures proposed to limit the tax impact on homeowners.

The presentation came during a special meeting called by Council leadership and chaired by Finance and Claims Committee Chair Councilmember Greg Burnett. Schmidt said the budget responds to three main pressures: the second year of a multi‑year real‑estate revaluation phase‑in, changes to state motor‑vehicle tax rules, and higher pension contributions following an actuary experience study.

Why this matters: The revaluation phase‑in shifts more of the tax burden to residential property owners, state changes to motor‑vehicle valuation and mill rates will reduce municipal motor‑vehicle revenue, and actuarial adjustments increase the annual pension actuarially determined employer contribution (ADEC). Together, those items create a budget gap the administration proposes to fill with a mix of one‑time and recurring steps that will affect reserves, capital funding and fee structures.

Schmidt told the council the budget as proposed limits the…