Madison to Use Sizable Budget Surplus to Help Reduce Debt and Keep Tax Rate Low

MADISON, CT — Last month, First Selectman Thomas Banisch revealed that the town ended up with a $2.7 million budget surplus for the fiscal year that ended on June 30.

At the time, Banisch suggested he might offer residents a tax rebate on 2016-17 taxes. In an update, at a Board of Selectmen meeting, Banisch said, according to meeting minutes, that "Regarding the tax surplus noted in his column (in the Madison Source); it is illegal to return funds to residents directly. The Town instead will aim to reduce debt and control the mill rate."

Banisch in his Source column wrote that because of cost-cutting measures enacted last fiscal year and freezes implemented the town ended up with a $2.7 million budget surplus last year.

Banisch in the column said he planned to allocate $1 million of the surplus to help reduce the tax burden on residents.

For Banisch's entire column in the Madison Source please click here.