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05/23/2024 09:36 AMThe Town of Branford has adopted a 2024-2025 budget of $135.3 million with a new mill rate of 30.48 mills, representing a 0.59 mill increase and a 1.98% annual tax increase.
The Board of Finance (BOF) vote on May 20 to set the new mill rate follows the May 14 vote of the Representative Town Meeting (RTM) approving the $135.3 million expenditure budget.
In voting to set the 30.48 mill rate on May 20, the BOF also appropriated an additional $690,000 from the undesignated fund balance in order to reduce what had been a proposed 30.66 mill rate or 2.58% annual tax increase.
The extra dip into the undesignated fund was made with a careful eye toward potential budget revenue offsets which the BOF may have to take into consideration for the 2025-2026 budget next year to assist taxpayers, following the upcoming October 2024 property revaluation that’s anticipated to create some significant increases. By state statute, revaluation of all property parcels takes place every five years.
As Branford Finance Director Jim Finch noted for the BOF on May 20, previous meetings and discussions with the BOF and First Selectman Jamie Cosgrove discussed the potential for a mill rate reduction to the 2024-2025 proposed budget. The discussions targeted an approximate 2% annual increase, by increasing the fund balance contribution of $3,156,000 to $3,846,000.
On May 14, a presentation by RTM member John Hartwell (D, District 5) discussing the monies available in the undesignated fund balance underscored a resolution, brought forward by the Democratic majority, which read, “Given the post-Covid financial impact experienced by all Branford taxpayers, the RTM respectfully requests that the Board of Finance consider mitigating the recommended 2024-2025 tax increase by bringing forward a greater amount of the undesignated fund.”
Prior to the vote to adopt the resolution on May 14, some Republican RTM members noted the BOF had already publicly discussed the expectation to reach a targeted reduction through increasing fund contributions to budget; and also questioned the need for the presentation and the resolution.
In response, RTM moderator Maryann Amore (D, District 4) said, “Perhaps the value is in putting it up and having the public hear it and see the numbers.”
The resolution was adopted by an RTM party line vote of 13-11.
At the May 20 BOF meeting, Finch also noted the 2024-2025 budget was not a “status quo” budget, in large part due two expenditures: a fire department staffing plan adding 16 EMTs representing a $1.8 million increase; and $440,000 provided to the Board of Education to absorb the impact of a reduction in pandemic relief funds.
“If one were to eliminate these two items from the budget for comparison purposes, the mill rate increase shrinks from 1.98% to a 0% increase,” Finch informed the BOF.
Branford’s 2024-2025 fiscal year begins July 1.
The full May 14 RTM meeting and May 20 BOF meeting were live streamed by BCTV and recordings can viewed at BCTV on Facebook.