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State aid cuts projected mill-rate increase; Litchfield expects a smaller rise next year
Summary
Finance Director Amaechi Obi told the Board the town received $533,122 in state aid (ECS increase, Pequot funds, educational supplemental aid), reducing the projected mill-rate increase from 0.9 to 0.5 mills in next year's budget.
Finance Director Amaechi Obi reported that the town has received $533,122 in state funds that will reduce pressure on the mill rate for next year.
Obi said the amount "consists of an ECS increase from 1.5% to 1.9%, plus receipt of $35,000 from Pequot funds, and $123,000 for educational supplementary aid," and that these monies produce an additional 0.4 mill decrease, changing the town's outlook from a 0.9 mill increase to a 0.5 mill increase. Chairman Sam Olmstead noted that ECS money offsets school costs but that the $123,000 and Pequot funds are not guaranteed annually.
Board members incorporated the state aid into next year's budget planning but cautioned that some of the funds are one-time or not assured in future years.
