By Anne White
The Board of Finance of New Canaan has recommended a budget of $175.32 million for the fiscal year 2024-2025, marking an increase of 5.22% over the previous fiscal year. The new budget is $8.69 million higher than last year’s budget of $166.62 million; 70.9% is allocated for the Board of Education’s expenditures.
The budget is being presented to the Town Council throughout the month of March. The Council has the authority to accept, reduce, or reject the recommendations of the Board of Finance. The Town Council is scheduled to hold a public hearing on the budget on March 28 and is expected to make a final decision by April 2, 2024.
The budget breakdown shows that the Board of Education’s operating expenses are slated at $91.80 million, a 3.95% increase from the previous year. Overall, the Board of Education’s expenses amount to $109.39 million, up by 6.17%. Additionally, the Town is contributing $8.96 million towards other Board of Education expenses, totaling $118.35 million for the fiscal year.
Town operational expenses have been projected at $33.86 million, showing a 4.42% increase. The combined debt service for the Town and Board of Education is budgeted at $18.91 million, an increase of 2.83%, while tax-funded capital projects are at $0.38 million, down by 31.25%.
The Board of Finance Chairman, Todd Lavieri, commented on the budget, saying “Over the past six years, we’ve maintained an average annual taxation increase of just 1.21%, a testament to our commitment to fiscal responsibility.” He added, “Throughout this process, we’ve managed to achieve over $4 million in net impact, trimming expenses while ensuring the fulfillment of essential operational needs. Additionally, we’ve strategically deferred or cut funding for almost $10 million in bonded projects.”
Lavieri also noted that the budget effectively supports various operational and educational needs, stating, “This budget effectively allocates resources to meet the operational expenditure requirements outlined by the Board of Education, encompassing provisions for teachers, administrative staff, aides, healthcare, sports, arts, and more.”
The Town Assessor’s 2023 Grand List reported an increase of 23.61% to $9.909 billion, up from the 2022 net Grand List of $8.016 billion. The Grand List will be further adjusted as the Board of Assessment Appeals process is currently underway and is expected to be completed in the coming days.
The Board of Finance’s Recommended Operating and Capital Budgets for FY 2024-25 are available for detailed viewing on the Town of New Canaan’s website, www.Newcanaan.info.
