New Canaan Board of Finance Approves FY 2024 Budget, Increase of 3.14%

The Board of Finance on Thursday, March 9, 2023 approved a Total Expenditure Budget of $166.65 million for fiscal year 2024, representing an increase of 3.14% over fiscal year 2023’s budget of $161.58 million. 

The Board of Finance’s budget recommendation now goes to the Town Council which may accept, reduce or reject the Board of Finance budget recommendation. The Town Council will hear from Departments and, after an official notice, will hold a public hearing on the budget on March 30, 2023. The Town Council is scheduled to approve the final budget on April 5, 2023.

The Total Expenditure Budget includes Board of Education operating expenses of $88.30 million (up 3.08%) and Board of Education transfers to the Health Internal Service Fund expenses of $14.72 million (up 10.05%) for a combined Board of Education expense budget of $103.03 (up 4.02%). In addition to these Board of Education expenses, the budget also includes $9.17 million of other Board of Education expenses paid by the Town. In total, the Board of Finance approved $112.21 million for the Board of Education for FY 2024.

Town department operational expenses were $32.42 million (up 4.96%). Other budget items include a combined Town and Board of Education debt service of $18.39 million (up 0.31%) and tax-funded capital projects of $0.58 million (up 151.72%). To fund this budget, the amount to be raised from taxation is $152.21 (up 5.53%).  The final amount to be raised by taxation, and the mill rate will be finalized in May after the Town Council reviews the budget.

“All the departments did a great job to get us to where we are,” Board of Finance Charmain Todd Lavieri said. “After four years of keeping the amount raised by taxation flat, we are faced with increased labor, materials, and health expenses in this budget cycle.  We were able to reduce expenses nearly $4M, and the total amount to be raised by taxation by nearly $6M throughout the process that started in January, while meeting all the necessary operating expenses that were requested. This budget fully funds the Board of Education’s operating spending requests for teachers, administration, aides, health expenses, sports, arts, and many other programs and initiatives.  Through careful spending and planning, we have funded our schools, important social programs, public works, police, emergency, and fire budgets.”

The Board of Finance’s budget takes into account the Town Assessor’s reported 2022 Grand List (before the Board of Assessment appeals) increase of 1.13% to $8.02 billion from the 2021 net Grand List (after the Board of Assessment appeals) of $7.93 billion.

Attached is a summary of the Board of Finance FY 2023-24 Recommended Budget. The full Board of Finance Recommended Operating and Capital Budgets for FY 2023-24 can be found at the Finance Department homepage at
Summary of Board of Finance FY 2023-24 Recommended Budget

For further information, contact:  Joshua Kaufman, Budget Manager, 203-594-3026.

Submitted by New Canaan, CT

Become a Local Voice in Your Community!

HamletHub invites you to contribute stories, events, and more to keep your neighbors informed and connected.

Read Next