FINANCIAL BUSINESS REQUEST (FBR)
Motion/Request:
title
MOTION to set a Fiscal Year 2023/2024 a Real Estate and Personal Property Mil Rate of 34.56 and a Motor Vehicle Mil Rate of 32.46.
end
Background:
At the May 16, 2023 Referendum the townspeople approved a Fiscal Year 2023/2024 Budget in the amount of: $64,540,940 (GG $28,632,572; and BOE $35,908,368) represented a 0.75 mil increase.
?In accordance with the Town Charter, Chapter VII; Section 6 "On or before the first day of July the Town Council shall fix the tax mils".fourth Monday in June
?For the Fiscal Year 2023/2024 the State has implemented a Car Tax Cap of 32.46 mils. the Car Tax Cap Because the Car Tax Cap would result in a loss of tax revenue for several towns, the Legislature has put $100 million in the State's Budget to offset all the Municipal car tax losses
?Currently there were 46 towns whose mil rate was over 32.46 mils, noting that Hartford's mil rate was 54 mils and Torrington's mil rate was 74 mils.
Department Comment/Recommendation:
Ledyard
Adopted FY 24 State Budget
Municipal Aid for:
Ledyard
Est. FY 23
Adopt. FY 24
$ Change
% Change
Adult Education
25,142
25,392
250
1.0%
ECS
11,492,516
11,624,199
131,683
1.1%
LoCIP
112,964
112,964
0
0.0%
Pequot-Mohegan
1,391,000
1,391,000
0
0.0%
PILOT
925,100
1,000,994
75,894
8.2%
Town Aid Road
295,778
295,778
0
0.0%
Municipal Grants-in-Aid
421,085
421,085
0
0.0%
Motor Vehicle Reimbursement
143,385
213,782
70,398
49.1%
Municipal Revenue Sharing
0
0
0
Municipal Stabiization
0
0
0
Supplemental Revenue Sharing
0
0
0
TOTAL
14,806,969
15,085,194
278,224
1.9%
Finance Director Comment/Recommendation:
(type text here)
?
Mayor Comment/Recommendation:
(type text here)
Meeting Action Detail:
Town Council Meeting 06/14/2023:
File #: 23-1676 Version: 1
Type: Financial Business Request (FBR)
Title: MOTION to ...
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