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Cheshire reviews revenue gains and bond premium as options to lower proposed mill rate
Summary
Town Manager Sean updated the council on stronger-than-expected permit receipts and favorable bond pricing, and demonstrated how building-permit projections and using bond premium or reserves could reduce the proposed FY27 mill rate.
Town Manager Sean told the Town Council and budget committee on April 15 that recent revenue activity and a favorable bond sale give the council options to lower the town’s proposed FY27 mill rate. He said building-permit receipts through March were well above earlier projections and that the town’s recent bond issuance carried an interest cost near 3.49 percent, better than the roughly 4 percent assumed in January’s budget.
“The bond issuance two weeks ago got our official rate … at about 3.49 percent,” Sean said, and added that the transaction produced premium cash the town can apply over time: “we issued $20,000,000 worth of debt,…
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