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Cromwell finance liaison outlines $40.6 million education budget, warns on mill-rate effects
Summary
John Ireland of the Board of Finance presented a town-level budget primer showing the Board of Education budget at $40.6 million, explained how that feeds the mill rate (current 27.33) and the timetable for the town referendum; members asked questions about borrowing for the new middle school and surplus management.
John Ireland, speaking as liaison from the town's Board of Finance, gave board members a step-by-step overview of how Cromwell's budgets are structured and what to expect in the coming months.
Ireland told the Board that the education piece represents roughly 61% of the town's tax revenue and that the district's total operating budget for the year is $40,600,000. "Your total operating budget for this year is $40,600,000," he said. He explained the three major budget "buckets" (education, general government and bonded debt),…
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