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New Canaan selectmen trim capital requests, project operating increase to 3.56% and review $35M bond closing
Summary
At a meeting of the New Canaan Board of Selectmen, town staff outlined a revised 2025–26 budget that reduces tax‑supported capital requests and lowers the proposed operating increase to 3.56%. Officials also reported closing roughly $35 million in bonds and discussed fund‑balance and lien‑sale impacts on a previously planned $5 million drawdown.
The New Canaan Board of Selectmen reviewed an updated 2025–26 budget and bond activity, with staff reporting a reduced operating increase of 3.56% and the closing of just over $35 million in municipal bonds.
The budget discussion covered revisions to tax‑supported capital, debt service adjustments and revenue items. Josh (town staff) told the board, “On the expenditure side right now, we have an overall increase of 3.56%,” and said reductions came mostly from tax‑supported capital and updated debt‑service numbers. First Selectman Michael Chang (Selectman) told residents the board had lowered the amount raised by taxation by $4,000,000 and reduced the bonded capital request by $4,800,000 from the earlier proposal.
Why it matters: the operating…
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