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BET adopts roughly $542 million FY27 budget and raises capital tax levy for long‑term projects
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Summary
The Town of Greenwich Board of Estimate and Taxation approved the FY27 operating and capital budgets and increased the capital tax levy to $66 million to build cushion against projected debt pressures. The final budget passed after multiple line‑item amendments and votes on capital appropriations.
The Board of Estimate and Taxation voted unanimously March 31 to approve the Town of Greenwich’s fiscal 2027 operating and capital budgets and to increase the capital tax levy, a package the board framed as a step to preserve the town’s ability to finance large projects over the next decade.
Chair Weisbrod said the outcome reflected months of committee work and cross‑party cooperation: "The secret to this harmonious outcome was a ton of hard work by every single person on this board," he said, thanking staff and committee members for their work.
Why it matters: BET members and the town’s debt and fund balance committee told one another the town faces a cluster of large capital needs — Hamill Rink, school projects and public‑works investments — that, if not managed proactively, risk triggering debt‑policy limits. Committee chair Pellegrino argued the modest increase in the capital tax levy builds a cushion in the 10‑year model and gives the town time to use other tools (timing, debt maturities, grants) rather than face a sudden spike in borrowing costs.
What the board did: The board approved the overall financing package that staff described as roughly a $542.4 million total financing plan (operating, capital and debt service) after a series of adjustments and line‑item votes taken through the meeting. Key items approved included conditional releases for outside entities (TAG and GEMS), adjustments to health‑care projections and multiple school and public‑works capital appropriations. The formal capital tax levy was raised to $66,000,000 after a roll‑call vote (11 yes, 0 no, 1 abstain on that particular measure).
Budget details and oversight: Controller Miss Lynch led line‑by‑line budget readings and answered questions; the board inserted conditions on several capital releases to ensure additional reporting or municipal improvement approvals before cash would flow. Pellegrino said building a modest tax‑levy cushion now reduces the risk of much larger tax or borrowing impacts several years out: "We need to start right now to build a cushion in the model," he said.
What’s next: The BET’s vote sends the budget and bond resolutions forward to the next steps required by town charter and the Representative Town Meeting. Officials said staff would continue to present model scenarios and schedule additional committee oversight as projects move toward MI approval, fundraising milestones or construction bids.
Funding and process context: The board repeatedly framed amendments and conditions as process safeguards — not project cancelations — and emphasized that several large capital items still require planning‑stage approvals (for example municipal improvement approvals, appeals periods and RTM action) before construction funds would be released.
