Around Town

Chair: Annual Update from Board of Finance

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As the Board of Finance does each year, this is an update on our current budget and tax projections as we close out our 2019/2020 budget on June 30th as well as an overview of our new 2020/2021 budget that begins on July 1st. As always, and especially this year, I can never thank our volunteers across the town, our town employees, our volunteers on many Boards and Commissions, our Town Council, our Board of Education, and our First Selectman enough – they make an incredible effort on our behalf in order to keep our town in great shape in every way. And while that is always true, the past 100 days have truly stressed the system. But our town response has been overwhelmingly positive, from our schools, our residents, the donations people have made, and all the volunteer help across the town. An extra grateful thank you to the volunteers and healthcare workers who have gone above and beyond to support our community and our region.

Board of Selectmen

TABLE: New Canaan’s Grand List Values, Town-By-Town Comparison

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Residential property in New Canaan forms a higher percentage of the total taxable base compared to those in similar nearby communities, town officials said last week. In New Canaan, more than 88% of all taxable property is residential, compared to 85% in neighboring Darien and 73% in Wilton, according to data shared by town CFO Lunda Asmani. 

Conversely, while just 5.4% of New Canaan’s Grand List values are composed of commercial and industrial properties, the figure is more than 13% in Wilton and Greenwich, Asmani told members of the Board of Selectmen. “That tells you who is responsible for paying the property taxes that we collect—the greater burden of these taxes in New Canaan are borne by residential properties unlike other communities that have a commercial and an industrial base,” Asmani told the selectmen during their regular meeting, held May 5 via videoconference. Here’s a table detailing the numbers:

 

Asmani’s comments came during a review of spending in the current fiscal year, which ends June 30. The General Fund’s balance at that time is expected to be $29.5 million, Asmani said.

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Town ID’s $695,000 in Planned Capital Spending This Fiscal Year That Could Be Delayed

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Saying New Canaan should consider putting off some capital spending in the near term until a clearer picture of the economy emerges, town officials last week identified nearly $700,000 earmarked for the current fiscal year that could be delayed. Prepared with input from public works and district officials as well as the first selectman, the draft list of more than 75 items total $695,000 and range from small expenditures such $29 for signage and striping up to about $63,000 for a solar project at a town building, documents show. Board of Finance Chair Todd Lavieri said the main question now facing the town is whether the spending could be delayed or deferred “until we have a little more clarity.”

“You guys control this,” Lavieri told First Selectman Kevin Moynihan, Public Works Director Tiger Mann and town CFO Lunda Asmani during the finance board’s April 7 meeting, held via videoconference. “We can’t tell you what to do and how to do this. But I guess it would be our recommendation, or at least our consideration, to hold onto the spending at least for another month until we got more clarity.”

The comments came during a discussion within the finance board and no formal action has been taken on the recommendation. They also came as New Canaan and the nation grapple with a hard stop to the economy that’s seen businesses forced to slow down or shutter altogether for health reasons as unemployment claims soar.

Around Town

Op-Ed: Rocketing Tax Rates, Declining Property Values

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I needed an attention grabber for a title, but this piece focuses on the implications of publicly available data and is not intended to be provocative. It is a summary of how your tax dollars are being spent locally and what needs to be done to change it if we are going to start being fiscally responsible and have the best shot at maintaining, or I dare say, growing property values over time. Although the topic may seem boring, bear with me, because the numbers are enthralling…unfortunately in a bad way currently. First, a caveat in anticipation of some nasty and/or ignorant responses that will likely come my way for discussing the fiscal reality behind the veneer: we have excellent schools, a beautiful town and everyone I know, including myself, wants to keep it that way. I have gone to Hartford to give public testimony multiple times this year to fight against forced school regionalization as well as statewide car and property taxes that will exacerbate negative trends facing all residents. Second, my experience with every town representative I have talked to is that they are well intended people. They are representing us on a voluntary basis and have spent many hours in town meetings, along with work outside of meetings.

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Op-Ed: Something’s Gone Askew in Town Budget Talks

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Something seems to be askew in this year’s deliberations over the town budget. 

The budget process began in November 2018, when the Board of Finance unanimously adopted “Budget Guidelines for Fiscal Year 2019-2020.” The BOF analysis was thoughtful, thorough, and conservative. It determined that a $3 million (2 percent) cap on spending growth would protect the town financially while continuing services at levels citizens demand. 

Meeting the guidelines became a consensus goal for Town managers and school leaders. The guidelines were the centerpiece of an offsite budget meeting of all the key stakeholders on Nov. 17.