RTM Dems To Finance Bd: Boost Rainy Day Fund​ Draw To Lower Tax Burden

Submitted by the Democratic RTM Majority:

RTM Dems To Finance Board: Increase Rainy Day Fund Draw, Decrease Tax Burden

BRANFORD, CT —The Democratic Majority of the Branford Representative Town Meeting announces a win for Branford taxpayers with a lower tax rate of just under two percent.

“The Democratic caucus recommended increasing the amount drawn from the rainy day fund, originally just $3 million, in order to lower the property tax burden on Branford homeowners.
And through its action, the Branford Board of Finance reduced the mill rate increase by using an additional $690,000 of fund balance, lowering the tax hike to 1.98%,” said Majority Leader Tracy Everson, thanking the Board and the Administration for the change.

The Democratic Majority supported the proposed $135 million dollar town budget. We also voted in favor of the following resolution that we introduced at the annual budget meeting on Tuesday, May 14th: “Resolved, given the post-Covid financial impact experienced by all Branford taxpayers, the RTM respectfully requests that the Board of Finance consider mitigating the recommended 2024-2025 tax increase by bringing forward a greater amount of the undesignated fund."

RTM Ways and Means Committee Chair, John Hartwell explained that Branford’s “rainy day fund” is projected to increase from $41 million in 2022 to $49 million this year (more than 35% of the proposed budget). That amount far surpasses the Administration’s proposed target figure of 20-25% of the town budget, a range that is being considered as a fund balance policy.

Hartwell found that with a projected undesignated fund of $49 million, “Branford has about $1,750 per person available in reserve, a far greater amount than comparable towns like Guilford, Cheshire, and Simsbury.”

Majority Leader Everson added, “We will continue to look for opportunities to keep taxes as low as possible and to use taxpayer dollars responsibly, including paying for small capital projects or increasing our investment in the Coastal Resiliency Fund and/or pensions.”