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BOF recommends 6.56% mill rate increase

Published 9:55 pm, Tuesday, May 13, 2014
  • Board of Finance Chairman Robert Mallozzi and member Mary Davis Cody at a meeting Tuesday night, May 13, 2014, at the New Canaan Nature Center, in New Canaan, Conn. Photo: Nelson Oliveira / New Canaan News
    Board of Finance Chairman Robert Mallozzi and member Mary Davis Cody at a meeting Tuesday night, May 13, 2014, at the New Canaan Nature Center, in New Canaan, Conn. Photo: Nelson Oliveira

 

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The Board of Finance Tuesday night voted to recommend a 15.542 mill rate for fiscal year 2014-15, or $15.542 for every $1,000 of assessed property value.

The mill rate, which is pending approval by the Town Council May 21, reflects a 6.56 percent increase over the current fiscal year, according to Budget Director Jennifer Charneski.

The Finance Department determined the number by plugging in the 2013 final Grand List, which was adjusted during the most recent assessment appeals process. The grand list, which is the total value of taxable property in town, has been set at $8,038,341,746.

The mill rate is determined by dividing the amount of revenue that must be raised from property taxes by the grand list.

In April, the Town Council adopted a $138.3 million budget for fiscal year 2014-15, a 4.74 percent increase over fiscal year 2013-14. After revenue, the town must raise $127 million through taxation, 3.72 percent more than the current year.

The board also voted Tuesday to recommend a 0.561 mill rate for the Sewer Fund, which is 11.37 percent increase over the 2013-14 fiscal year.

noliveira@bcnnew.com, 203-330-6582, @olivnelson