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East Lyme Board of Finance sets 2027 mill rate and authorizes bond appropriations
Summary
At its June 11 special meeting the East Lyme Board of Finance set the fiscal year 2027 mill rate at 28.95 and approved multiple bond appropriations — including town capital projects and Board of Education items — by unanimous votes. Several numeric items in the transcript show minor transcription inconsistencies.
The East Lyme Board of Finance voted unanimously on June 11 to set the fiscal year 2027 mill rate at 28.95 and to approve several bond appropriations for town and school capital projects.
The board approved the mill rate motion by voice vote, recorded as 5-0 in the meeting record. Finance staff presented a slate of bond authorizations for capital projects; the board proceeded to entitle and authorize those appropriations, again by unanimous voice votes.
Votes at a glance: the board set the mill rate at 28.95 (0.94 mills over FY2026) and approved a resolution authorizing appropriations for various public improvements listed in the packet. The printed packet and the transcript include multiple numeric references to the total bond package; the packet shows $3,974,425 for various public improvements, while a line in the transcript later records $3,924,425. The board approved the entitlement vote on that appropriation by a 5-0 vote.
The board also moved and approved a resolution to appropriate an amount listed in the transcript as “586,71” for Board of Education capital improvements (the transcript’s numeric rendering appears incomplete; the motion was recorded as carried, 5-0). Finance staff stated the BOE appropriation corresponds to two projects the board previously discussed: an HRAC recapitalization and a technology-related item.
Board members and staff emphasized that these votes authorize appropriations; finance staff (Kevin) told the board they do not anticipate issuing bonds immediately and expect to rely on cash flow in the coming months to avoid near-term interest expenses. If and when the town decides to issue bonds, separate steps will be required.
The meeting record shows all motions were adopted by voice vote with the tally “motion carries 5-0.” The board credited its bond counsel for the sample resolution language used in the motions.
The board scheduled follow-up discussion of process improvements at a future meeting.
