FINANCIAL BUSINESS REQUEST (FBR)
Motion/Request:
title
MOTION to set a 25.78 Mill Rate for Fiscal Year 2026/2027.
end
Background:
In accordance with Chapter VII; Section 5:”Duties of the Town Council on the Budget”
The resolution adopting the budget shall contain in detail the budget recommended by the Town Council as filed with the Town Clerk. Following adoption of the budget by the annual Town Meeting, the Town Council shall, prior to the first day of July, fix the tax rate in mils which shall be levied on taxable property in the Town for the ensuing fiscal year.
Department Comment/Recommendation:
Finance Committee Meeting 5/6/2026:
The Finance Committee discussed the Plan below for the allocation of the Additional Supplemental State Revenues; and agreed to work toward setting a Mill Rate that would not exceed the adjusted/equalized Mill Rate:
• Supplemental Education Aid (ECS) $481,304; and
• Supplemental Pequot-Mohegan $1,703,834.
Total: $2,185,138
ü Reduce the $1.8 million Mill Rate Stabilization Fund Revenue by $765,000; to a new adjusted allocation of $1,089,535
ü Assumes the additional education aid ($481,304) and town aid ($1,703,834)
ü Mill Rate of 25.78. This mill rate would match the prior year equalized mill rate.
Finance Director Comment/Recommendation:
Mayor Comment/Recommendation:
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