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05/20/2016 12:26 PMNorth Branford's Town Council has adopted a new town budget of $50,998,927 and, in it's capacity as the town's Finance Board, officially set a new mill rate of 31.98 mills.
While the $50.99 million bottom line is the same number the council had recommended following March budget workshops, the council faced an additional gap of $316,553 due to Gov. Dannel Malloy's budget cuts handed down in April. The town was notified it would be receiving less state money for education funding and tax relief totaling the $316,000 figure.
To make up for the funding deficit, the council voted on Tues. May 17 to pump in an additional $316,553 in revenue from the town's general fund balance to keep the 2016-17 town budget intact. The Council then voted Tues. May 17 to accept the 2016-17 $50.99 million budget.
The council's vote followed a town wide budget referendum question vote on May 10. As reported, only 4.6 percent of voters came out to weigh in on the council's proposed $50.99 million budget with a .90 mill rate on May 10; but a minimum turnout of 15 percent is needed for the referendum response to be actionable by town council. See the story here
The new budget carries a 2.89 percent increase to the mill rate. However, most residential property owners will likely see a decrease in taxes next year, based on revaluation notices that assessed many properties lower on the 2015 Grand List. Residents should multiply the new 2015 assessed value (mailed in late fall 2015) to the proposed 2016-'17 mill rate of 31.98 mills; and most residential properties will find they will have a tax decrease, according to Town Finance Director Anthony Esposito.