New Canaan Board of Finance approves proposed 2025–26 budget; forwards recommendations to selectmen

The New Canaan Board of Finance approved the town’s proposed fiscal year 2025–26 operating and capital budgets and forwarded its appropriation recommendations to the selectmen for submission to the Town Council.

The board voted, by recorded motions, to approve the town budget totals presented during the meeting, including a town operating budget figure listed as $43,789,548; the Board of Education operating and health insurance transfer budget of $113,947,271; Board of Education expenses paid by the town of $376,487; a tax-funded capital budget of $472,500; and a debt service budget of $18,385,172. The Board of Finance also approved a general fund non-tax revenue total of $11,206,288, a proposed fund balance contribution of $5,000,000, and a proposed amount to be raised by taxation of $164,949,190. The board approved a proposed property tax collection rate of 98.5% and several other fund budgets, including a sewer fund expense budget of $2,125,289 and various other fund revenues and expenses as presented. The board approved capital projects for FY26 per the five-year capital plan totaling $20,026,103.

The board’s chair opened the meeting by summarizing three goals for the budget process: to reduce the amount to be raised by taxation, to reduce capital expense requests and to lower taxpayer-supported capital; the board’s summary recorded reductions of $4,120,000 (amount to be raised by taxation), $4,800,000 (capital expense request) and $1,200,000 (taxpayer-supported capital) relative to earlier drafts. Board members said these reductions were achieved through iterative discussion with town departments.

The Board of Finance’s approvals complete its part of the review; the recommendations will be delivered to the selectmen, who will submit them to the Town Council. The board noted the selectmen will cause publication of a notice of a Town Council meeting once a week for two consecutive weeks to consider the recommendations.

Board members discussed the mill rate implied by the budget during the meeting. A member asked whether the budget implies a mill rate of “16.78”; staff said they would double-check the figure. The transcript also records a comparison to last year’s mill rate and a year-over-year percentage cited in the meeting transcript as 3.96 percent, but the board did not adopt a final mill rate at this meeting; the chair confirmed the mill rate approval will occur after the Town Council acts, and any subsequent council changes could prompt the board to adjust the fund balance or mill rate when it votes in June.

Votes at a glance: - Approval of total general fund operating expenditure budget (as presented): approved (motion by Maria Weingarten; second by Nicholas Matrakis). - Approval of general fund non-tax revenue total $11,206,288: approved (motion by Robert Hamill; second by James Yao). - Approval of proposed fund balance contribution $5,000,000: approved (motion by Michael Chen; second by Victor Alvarez). - Approval of proposed amount to be raised by taxation $164,949,190: approved (motion by Robert Hamill; second by Victor Alvarez). - Approval of proposed property tax collection rate 98.5%: approved (motion presented; second recorded). - Approval of sewer fund expense budget $2,125,289: approved (motion by Victor Alvarez; second by Robert Hamill). - Approval of other fund revenue and expense budgets (parking, railroad, pools, theater, recreation/wedding): approved (motions and seconds recorded). - Approval of FY26 capital projects per five-year capital plan totaling $20,026,103: approved (motion presented; second recorded).

All votes recorded during the meeting were approved with no recorded opposition or abstentions in the meeting transcript; the roll call at the start of the meeting recorded all board members present except one absentee. The Board of Finance’s approvals complete the board’s review; the selectmen will now transmit the recommendations to the Town Council for its action.

The board adjourned after confirming there was no other business and noting that the board will reconvene in June to consider any Town Council changes and finalize the mill rate if needed.