Malloy's Budget Proposal Financial Impacts to Madison Detailed

Originally written by Jack Kramer, Correspondent

MADISON, CT – Selectman Bob Hale, the board’s liaison to the Board of Education, has done some math on what the governor’s proposal to have towns pick up one-third the cost of teacher retirement costs would mean to Madison taxpayers – and the numbers aren’t pretty.

In an effort to help close a $1.7 billion deficit in his proposed $41 billion, two-year budget, Gov. Dannel P. Malloy recently proposed having towns pick up one-third, or $400 million, of the cost of the teacher retirement costs.

Currently, the state foots the bill for the entire $1.2 billion cost.

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At the most recent Board of Selectmen meeting, Hale, in a letter submitted to the selectmen, showed what the impact of the governor’s proposal would be to Madison, if it was eventually approved by the entire General Assembly.

“Based on a retiring teacher’s salary of $70,000 (a conservative number) the yearly retirement compensation would be $52,500. One-third of that compensation is $17,498.25.

“If Madison has 100 (again a conservative number) retired teachers, the exposure to Madison would be $1,747,825,” Hale wrote.

The selectmen points out that financial hit would be in addition to the town also likely receiving a reduction in its education grant from the state of $300,000 from its current allotment.

Part of the governor’s education grant funding plan is to take money away from more affluent suburban communities and give those funds to poorer cities, such as Hartford, New Haven, Bridgeport and Waterbury.

Madison’s overall proposed budget for the 2017-2018 fiscal year is $56.919 million, a 2.58 percent increase over current year expenditures.

(Editor's Note: This story first ran previously but here it is again in case you missed it.)