Opinion
Op-Ed: Budget Surplus Used to Reduce Taxes
|
[Todd Lavieri is chair of the New Canaan Board of Finance.]
The Town of New Canaan Board of Finance completed the budget process earlier this month for Fiscal Year 2026 that begins next week on July 1st. For Fiscal Year 2025 that ends on June 30th, we have some good news. Our budget surplus is forecasted to come in at $8.0 million –more than 50% higher than expected. The town is expected to spend approximately $800,000 less than budgeted while revenues came in $7.2 million higher. We were expecting a $4-5 million surplus when we budgeted a year ago.