New Canaan Board of Finance Approves FY2021 Budget of $153.96 Million, Increase of 1.33%

The Board of Finance yesterday approved a Total Expenditure Budget of $153.97 million for fiscal year 2021, representing an increase of 1.33% over fiscal year 2020 Budget (adjusted) of $151.94 million.

The Board of Finance’s budget recommendation now goes to the Town Council which may accept, reduce or reject the Finance Board’s budget recommendation.

The Town Council will hear from Departments and after an official notice will hold a public hearing on the budget on March 31, 2020. The Town Council will approve a final budget on April 2, 2020. The Total Expenditure Budget includes Board of Education operating expenses of $82.27 million (up 3.94 %) and Board of Education transfers to the Health Internal Service Fund expenses of $9.76 million (down 20.60 %) for a combined Board of Education expense budget of $92.02 (up 0.64 %). Town department operational expenses were $28.46 million (down 1.77%). Other budget items include debt service of $16.99 million (up 0.88 %) and tax-funded capital projects of $2.83 million (up 63.33 %). To fund this budget, the amount to be raised from taxation is $140,237,758, (up 0.83%).

“Virtually every Town Department contributed the Board of Guidance of -2%. I want to thank all the town department heads for their hard work during this budget process.” said First Selectman Kevin Moynihan.

“This proposed budget is projecting a basically flat mill rate compared with last year,” added Board of Finance Chairman Todd Lavieri. “This budget also funds important strategic capital projects for our schools and our town, as well as funding projects with capital returns such as solar and co-gen initiatives. The town’s proposed budget increase of 1.33% represents leading budget management in Fairfield County. We will continue to work to stay true to our guiding strategic principles for the Board of Finance: providing for a safe and beautiful town, great schools, good value for taxes paid, and rock-solid financial strength, among other goals.”

The Board of Finance’s budget takes into account the Town Assessor’s reported 2019 Grand List increase of 0.74% to $7.76 billion from the 2018 Grand List of $7.71 billion.

The full Board of Finance Recommended Operating and Capital Budgets for FY 2020-21 can be found at the Finance Department homepage at www.newcanaan.info/Departments/Finance.

For further information, contact: Lunda Asmani, Chief Financial Officer, 203-594-3024.