Town Council Mulls Development of Long-Term Plan for Budgeting

To aid in the budget process moving forward, the town government may soon be adopting a long-term financial plan (LTFP) which will essentially serve as a forecasting tool. Following the unanimous vote on the final, $151 million fiscal 2018-2019 town budget on Thursday at town hall, the New Canaan Town Council discussed a preliminary document outlining what the proposed five-year plan would include, which was drafted by vice chairman Rich Townsend. The purpose of the plan, as per the draft document, is to “provide all the town funded units the opportunity to participate in setting the financial assumptions and goals for the town” over a five year period. Basically, it would require all town departments and the Board of Education to furnish a five-year forecast including future costs, revenues, goals and needs to the Board of Finance before the budget process commences. “When we went through the budget, there were a lot of things that everybody wanted to do that would help us save money and help us work better with all the other organizations [in town],” Townsend explained after introducing the draft document.