New Canaan BOF approves a mill rate of 18.940 for fiscal year 2024, an increase of 3.09% over the fiscal year 2023

The Board of Finance on June 13, 2023 approved a mill rate of 18.940 for fiscal year 2024, an increase of 3.09% over the fiscal year 2023 mill rate of 18.372.

A mill rate of 18.940 means a tax payment of $18.94 for every $1,000 of assessed property value. The amount to be raised from taxation for fiscal year 2024 will be $150.18. million, a 4.12% increase from the fiscal year 2023 amount of $144.23 million.

Setting the mill rate marks the final action of the fiscal year 2024 Budget process following the April 5 Town Council approval of the $166.62 million expenditure budget, an increase of 3.12% over the current fiscal year’s budget of $161.58 million. 

The fiscal year 2024 Budget takes into account the Town Assessor’s reported 2022 Grand List increase of 1.02% to $8.01 billion from the 2021 Grand List of $7.93 billion. This Grand List combined with a $6.0 million fund balance draw down resulted in the mill rate of 18.940. Maintaining healthy reserves and a stable mill rate remain priorities of the Board of Finance. 

First Selectman Kevin Moynihan said: “I want to congratulate and thank Board Chairman Todd Lavieri and all the members of the Board of Finance for an outstanding fiscal year 2024 Budget that kept the mill rate increase to 3.09% from the current fiscal year and the increase in the amount to be raised by taxation to 4.12% in the upcoming fiscal year.  I want to thank all the departments for their thoughtful approach to covering the needs of their departments and our residents, and building a budget that keeps our tax mill rate increase low in these inflationary economic times.”

Lavieri commented, "By delivering revenue surpluses and coming in under budget on expenses each year for the past four years, we were able to keep the amount raised by taxation nearly flat during that period, an unprecedented accomplishment by our Town and boards.  However, a forecasted decline in non-tax revenues next year and inflationary cost increases of approximately 3% are causing us to raise the tax rate to meet the needs of New Canaan. I would like to thank our Board of Finance, our Town Council, our New Canaan school administration, our Board of Education, and our Board of Selectmen for their hard work and guidance," Lavieri concluded.

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