April Newsletter from the Board of Finance
Fellow Wiltonians,
I hope everyone is doing well and enjoying the first few weeks of Spring. For this month’s Board of Finance (“BOF”) newsletter, we’ll be discussing the budget survey, the BOF budget deliberations, and the Annual Town Meeting.
Board of Finance Budget Survey
Thank you to everyone who responded to our budget survey! Sharing your perspectives was incredibly impactful and helped inform the BOF as we discussed the budgets. I’ll share a short summary of the results below, but see here for a full debrief.
In total, 1,129 individuals took the survey this year, a ~40% increase over last year and 44% of the number who voted on last year’s budget. Respondents were asked to share their views on the Board of Selectmen’s requested budget of $35.9m ($1.4m, 4.1% increase over FY24), the Board of Education’s requested budget of $93.5m ($4.4m, 4.9% increase), and the consequent mill rate of 24.1.
When looking at the results, both budgets and the mill rate received less than majority support: 49.5% of all respondents voted for the BOS budget, 46.7% voted for the BOE budget, and 39.5% voted for the calculated mill rate.
As in past years, one of the main underlying variables behind the different opinions was whether respondents had children enrolled in Wilton Public Schools (“WPS”). While both groups expressed opposition to the mill rate level, respondents with children in WPS showed a higher approval rate of 47.1%, whereas those without children in WPS had an approval rate of 32.4%. Among respondents with children attending WPS, there was greater support for both the BOS budget (55.1% approval, compared to 44.3% from those without children in WPS) and the BOE budget (61.7% approval, compared to 32.6% from respondents without children in WPS). Note, the survey had a higher proportion of responses from parents with children in WPS than the actual population (48% of survey respondents, compared to 38% of households according to WPS statistics).
As a note, this survey was fielded prior to both the BOS and BOE budget hearings (which occurred on March 18 and March 20, respectively). It was also released prior to the finalization of forecasted town revenue figures and other mill rate items. As a result, survey respondents were presented with a mill rate of 24.1. After the survey launched, the calculated mill rate was determined to be 24.0 (though the survey language remained unchanged).
Budget Deliberations
The BOF met on April 2 to adopt a recommended FY2025 budget and mill rate to be presented at the Annual Town Meeting.
After careful consideration and reflecting on the direct feedback we heard from residents and survey results, the BOF unanimously voted to recommend a FY2025 budget of $141.5 million or 4% greater than FY2024 and a mill rate of 23.9435, also 4% greater. Our decision was also informed by:
- Discussions with both boards, where we identified elements within the budgets that could be adjusted without significant impact. The BOS requested budget was reduced by $140,000 to $35.8 million (reflecting a $1.3 million increase, or 3.7%), and the BOE requested budget was reduced by $300,000 to $93.2 million (a $4.1 million increase, or 4.5%). The summary budget and mill rate calculation are here.
- A change in evaluation criteria by our bond rating agency, Moody’s, which requires Wilton and similar CT municipalities to maintain higher available fund balances. As it relates to the budgets, this meant that we could not reduce taxes with excess fund balance like we had in years past. While this change entailed short-term cost for our taxpayers, we felt obligated to adhere to it given the long-term benefits of the lower interest rates that accrue to AAA-rated towns. This Moody’s related change accounts for ~1.2 % of the overall 4% recommended mill rate increase. In other words, without the one-time year over year change, the mill rate increase would have been a 2.8% increase.
Although each resident will face a different tax change based on their individual home and motor vehicle assessment change, this mill rate would entail an average 8.7% residential tax increase comprised of an average 11.0% real estate property increase less an average 21.4% motor vehicle decrease. Of this average 8.7% residential tax increase, 5.4% is the increase related to the FY2025 budget and 3.3% is due to shifts in the tax burden resulting from revaluation. The average resident in Wilton saw their property grow 35.8% in value. While this is a positive development (Wilton’s homes are now more valuable), it led to a shift in the Grand List where residents now occupy 77% of the Grand List vs 73% previously.
You can determine your new individual tax level by taking your 2023 home assessment, multiplying it by the mill rate of 23.9435, and dividing that figure by 1000. For example, if your new home assessment is $1,000,000, then your new taxes would be $1,000,000 * 23.9435 / 1000 = $23,943.5. You can look up your 2023 home assessment by searching here.
The BOF took a balanced approach to this year’s budgets and has recommended a mill rate to the town which addresses the needs and desires of our taxpayers while ensuring our town can continue to thrive. The budgetary increases satisfy our fixed costs and union wage increases, while also providing room for essential investments in education, infrastructure, and community services, fostering the growth and prosperity of Wilton.
Annual Town Meeting
The Annual Town Meeting will be held on May 7 at 7pm at Wilton High School’s Clune Auditorium. There will also be continued voting on May 11 from 8am to 6pm at the Clune Auditorium. The Annual Town Meeting will include presentations from the Chairs of the BOF, BOS, and BOE, and public comment. Machine voting will then commence immediately after the meeting.
If you are unable to attend the meeting or vote on May 11th, an absentee ballot may be obtained from the Town Clerk’s office beginning on May 8th. Unlike all other elections, under state law, the Town Clerk is prohibited from mailing the absentee ballot. Please review the absentee ballot application here and plan accordingly.
If you have any questions, please don’t hesitate to reach out. I’m looking forward to seeing everyone at the Annual Town Meeting!
Matt RaimondiChair, Board of FinanceMatthew.Raimondi@wiltonct.org