MADISON, CT — The Madison Board of Finance unanimously approved a 23.06 mill rate for the 2026-27 fiscal year during its April 29 meeting, following discussion of state revenue projections, fund balance allocations and tax collection assumptions. One day earlier, voters approved the town's budget for 2026-27 at $103,760,099.
The board voted 7-0 to use $2.26 million in committed state revenue in the mill rate calculation and separately approved using $400,000 from the town’s fund balance to offset taxes. Members also unanimously approved using a projected 99 percent tax collection rate in the calculation.
Finance Director Stacy Nobitz told the board that using the 99 percent collection rate avoided the need to allocate an additional $225,000 from the fund balance while maintaining a 2.81 percent mill rate increase. Nobitz said the town is currently ahead in tax collections and projected approximately $1.3 million in revenue above current budget estimates.
Board Chairman John Picard said reports released earlier that day indicated municipalities could receive additional state revenue under the proposed state budget, though he cautioned the funding may be temporary.
The board also voted unanimously to acknowledge that, under state law, tax bills will show an adjusted rate of 23.58 mills reflecting anticipated state revenue.
Earlier in the meeting, Picard and other board members praised the recent passage of the town budget referendum and thanked town staff and residents for their participation in the budget process.
Board member John Rasimas asked whether contracts for the police storage building and turf field projects had been competitively bid and awarded to the lowest bidders. Nobitz said both projects went out to bid and said she would follow up regarding the award details.
The board also unanimously accepted a donation from D & M Flo Ventures LLC consisting of 7.5 acres of tidal wetlands identified as Map 32, Lot 12, along with a public access easement at 178 Cottage Road. The easement includes a constructed deck, sidewalk, stairs and four dedicated parking spaces.
In another unanimous vote, the board accepted a $5,000 Connecticut Department of Transportation Active Transportation Microgrant for Bicycle Pedestrian Advisory Committee initiatives. Officials said the grant does not require a local funding match.
During a financial review, Nobitz told the board that storm event and legal accounts are currently projected to exceed budgeted amounts and may require special appropriations at a future meeting. She said staff are reviewing year-end financial reports and preparing possible line-item transfers.
Board member Robert Reinhardt requested additional detail on approximately $200,000 in storm-related overexpenditures and asked for information on budgeted positions that remain unfilled.
Nobitz also updated the board on the town’s new school baseball field project. She said an original $1.5 million construction allocation and $94,000 planning appropriation proved insufficient after bids came in higher than expected. The project has since been included in the upcoming capital improvement plan with an additional $1.6 million, bringing total project funding to about $3.1 million.
Nobitz said property tax refunds are expected to be higher than usual this year due to the townwide revaluation completed two years ago. Pending lawsuits, judgments and settlements related to assessments could also affect the town’s fund balance, she said.
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