An initial $50,276,744 budget proposal in Old Saybrook for 2023-’24 calls for an increase of $1,899,041 over the previous year’s spending, an increase of 3.9%.

The proposal heads to a budget hearing scheduled for Tuesday, March 7 at 6:30 p.m. at Old Saybrook Middle School.

In a budget overview document on the town website, First Selectman Carl Fortuna laid out where the proposed budget for the next fiscal year stands. The Board of Finance (BOF) will also have the opportunity to review the budget and make changes, meaning the final numbers in the presentation are subject to change.

The total budget is made up of a town budget and an education budget. The proposed town budget is $ 21,447,238, representative of an increase of $542,876 or 2.60%. The proposed education budget is $28,829,506, an increase of $1,356,165 or 4.90%.

In the overview, Fortuna wrote that he had already cut over $40,000 in department budget requests.

Proposed capital projects—spending on items that last longer than a budget cycle, like vehicles or roof repairs— include “... Police vehicle lease, continued work on town roads, building maintenance, and investment in technology infrastructure,” according to the document. An increase in the paving budget is also included in the capital budget.

Elsewhere in the document, Fortuna noted that things outside of the town’s control had put pressure on the proposed budget.

“While every year is a difficult budget year, there have been a number of outside factors that have affected, and will continue to affect, Old Saybrook and other towns. Not only do additional state mandates drive our budget, but I can say with some certainty that geo-political factors have also driven increases in the budget,” Fortuna wrote.

“Inflation and supply chain issues have driven up the cost of labor and materials for everyone, and, although supplies are more readily available, the base cost has risen. In other words, things cost more,” he continued. “I have examined both the expenditure and revenue side of the budget, and I believe responsible and sustainable decisions have been made.”

According to Finance Director Lee Ann Palladino, after the public hearing on March 7, “the BOF will deliberate on the budget and make final recommendations, if any, at either their March 21 or April 4 meeting.”

The annual budget meeting is held on the first Monday in May, when the final budget is approved. The referendum is on May 9.