2019-20 New Canaan Town Budget Offers First Decrease In A Decade

NEW CANAAN, CT — The New Canaan Town Council Thursday approved the 2019-20 town Total Expenditure Budget at $150.94 million, which represents a decrease of 0.43 percent over the current fiscal year’s allocation, the first decline in more than a decade, announced First Selectman Kevin Moynihan. The amended 2018-19 budget is $151.58 million.

The funds to be raised by taxation declined to $139.23 million from the current year’s $140.02
million, a decrease of 0.56 percent, also the first decline in more than 10 years.

The Town Council budget will be filed in the office of the Town Clerk and will become
effective eight days after publication unless a notice of intent to file a petition for a referendum
has been filed in the office of the Town Clerk within seven days after publication (Town Charter
Sections C4-13 and C4-14), according to officials.

"We have much to be thankful for," said Town Council Chairman John Engel in a statement. "Town leadership really came together to deliver the tightest budget in over a decade, one which accurately reflects our priorities as a town: the #1 school system and among the lowest taxes in what most experts agree is still the best place to live in Connecticut."

Last week, Moynihan told Patch it was a real challenge to shrink an already slim proposed budget to point its at now, but town officials worked hard to get there.

"I've heard from people that they can't afford to live here, and sadly that's becoming endemic of Connecticut," Moynihan said. "Our senior citizens are not happy."

From Moynihan's announcement:

The Total Expenditure Budget includes Board of Education operating expenses of $91.43
(up 1.86 percent) , Town department operating expenses of $39.92 million (up 0.56 percent), debt service of $16.84 million (down 9.29 percent), and tax-funded capital projects of $1.73 million (down 40.32 percent). To fund this budget, the amount to be raised from taxation is $139,230,687 (down 0.56 percent).

The Town Council's budget takes into account the 2018 Revaluation as of October 1, 2018 where the town's 2018 Grand List declined 7.64 percent to $7.71 billion from the 2017 Grand List of $8.34 billion. The decline in the grand list was primarily due to lower valuations of homes valued at more than $2 million. The overall average decrease in residential property values was 7.2 percent. Commercial properties increased on average 10.8 percent.

The reduction in the Grand List will result in an increase in the mill rate from the current 16.960 to an estimated 18.259. The final mill rate to be set by the Board of Finance on April 9.

Click here to view the Board of Finance FY 2019-2020 Budget Summary showing further details ofTown Department and Board of Education (BOE) year-over-year budget changes.