The Board of Selectmen on Tuesday, January 31 approved a Total Expenditure Budget of $170.39 million for fiscal year 2023-24, representing an increase of 5.45% over the fiscal year 2023 budget.
The Selectmen’s budget recommendation now goes to the Board of Finance for review during February, and a Board of Finance budget recommendation will then go to the Town Council by March 14th. The Town Council may accept, reduce or reject the Finance Board’s budget recommendation at a Budget Meeting scheduled for April 5th.
The Total Expenditure Budget includes Town Department operations expense of $32.4 million (up 4.83%), Board of Education operating expenses of $103.85 million (up 4.84%), debt service of $18.34 million (flat), and tax-supported capital projects of $2.05 million.
First Selectman Kevin Moynihan commented: “The Fiscal Year 2024 total expenditure budget approved today by the Board of Selectmen represents a 5.45% increase over the current year’s expense budget primarily due to the headwinds of inflation. Increased expenses for energy and materials, and contracted services are the primary drivers of the proposed budget increases for both the Town and the School District. At the same time, non-tax revenues are expected to increase less than 4% and the amount to be collected by taxation may be expected to increase by about 6%. All in all, the current economic environment presents a challenging budget season for the Town of New Canaan.”
The First Selectman noted that the Town Assessor has reported that the Town’s 2022 Grand List increased by 1.13% to $8.025 billion from the 2021 Grand List of $7.936 billion.
For further information, contact: Joshua Kaufman, Budget Manager, 203-594-3026.
Board of Selectmen FY 2023-2024 Budget Summary