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Mayor Smith and CFO present challenging FY26–27 budget to Norwalk BET; health care, contracts and revaluation drive increases
Summary
Mayor Smith and CFO Jared Schmidt presented the initial FY26–27 operating budget to the Board of Estimate and Taxation, citing three main cost drivers—health‑care increases, several settled collective bargaining agreements and the property revaluation phase—and proposing measures including a $3 million salary lapse and a $7 million fund balance drawdown.
Mayor Smith and CFO Jared Schmidt presented Norwalk’s initial FY26–27 operating budget to the Board of Estimate and Taxation on Feb. 9, framing the year as “challenging” because of rising health‑care costs, multiple collective bargaining settlements and the ongoing property revaluation phase.
“First, skyrocketing health care costs,” Mayor Smith said. “Second is contractual obligations. … Third, as you know, we're still in the middle of the revaluation phase.” She urged public engagement in the budget process and outlined upcoming steps: the budget will go to the City Council the next day, the Finance and Claims Committee will hold a public hearing later in the week, BET deliberations with departments begin in early March, BET’s…
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