Proposed tax credit for New Canaan residents
Published 12:21 pm, Thursday, December 16, 2010
Board of Finance members Todd Lavieri and Paul Giusti suggested that New Canaan taxpayers receive a tax credit in their July property tax bill according to a press release from First Selectman Jeb Walker.
Based on current economic conditions and financial information presented to the Board of Finance by CFO Gary Conrad at the Board's meeting this past Tuesday, Lavieri and Giusti believe a rebate is within the town's capabilities this year.
"Over three years ago, First Selectman Jeb Walker and Town Council Chairman Mark DeWaele created three task forces to look to ways to improve the efficiency of our town government. Those three task forces, chaired by Board of Finance members Paul Giusti, Dan Ward and Kathleen Corbet, did an excellent job in establishing the systems, processes and procedures to improve our town's financial management," Lavieri said. "As a result of those efforts, New Canaan has now improved our finances to the point that a tax credit is possible."
In order to maintain New Canaan's AAA bond rating, the task forces recommended that there should be an amount in the general fund that is equal to 10 percent of the town budget.
"If we have funds in excess of the amount required to fund the government and maintain our AAA bond rating, that money should be returned to the New Canaan taxpayers," Giusti said. "Particularly when the economy is in such difficult shape and people are hurting, we need to do everything we can to get money into the pockets of New Canaan' citizens. Providing a credit this July is a new, creative way to return the funds to the taxpayers as soon as possible."
Both DeWaele and Walker agree that the recommendation is worth considering.
In order to learn more about the proposal in detail, Walker suggested that Conrad provide more details to the Board of Finance at its January meeting.