BET sets 2026–27 general fund mill rate at 10.125 mills; controller reports higher cash balances and audit findings

On May 18 the Board of Estimate and Taxation approved a resolution setting the Town of Greenwich general fund mill rate at 10.125 mills for the fiscal year beginning July 1, 2026. The resolution was read into the record and passed by roll-call vote (11–0).

Comptroller Lynch summarized the town’s financial position: invested general fund cash on April 30 was $175.5 million (about $6.7 million higher than 4/30/2025); the retirement portfolio stood at $748.8 million; the OPEB trust market value was about $66 million. Lynch reported two large conveyance tax receipts from recent sales (Greenwich Place: $255 million sale generating $539,000 in conveyance tax; Weaver/Greenwich Oak: $141 million sale generating $352,000). The speed-camera program produced $91,100 on May 15 and cumulative restricted receipts of about $570,000.

Lynch also summarized audit activity: the Greenwich Public Schools human-resources audit rated "needs improvement," with findings on missing separation letters, leave processing and off-cycle checks; Dr. Jonathan Budd has agreed with findings and has begun implementing changes. Lynch reported approximately $3.8 million of ARPA funds remain, largely tied to sewer projects.

The BET approved the treasurer’s and controller’s reports by voice vote and then proceeded to approve the sewer maintenance and sewer improvement fund mill rates (0.268 and 0.091 mills respectively) and several other routine budget and bonding resolutions.

Next steps: The bonding resolution for the Central Middle School appropriation and other amended budget resolutions will proceed to the RTM; the debt and fund-balance committee may consider extending bond maturities in an upcoming meeting.