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Town Council Approves FY 2024-2025 Budget of $174.93 Million – An Increase of 4.99% Over Current Fiscal Year

The Town Council on April 2, 2024 approved a Town of New Canaan Total Expenditure Budget of $174.93 million for fiscal year 2024-25, representing an increase of 4.99% over the current fiscal year. 

The Total Expenditure Budget includes Board of Education operating expenses of $91.55 million (up 3.67%) and Board of Education transfers to the Health Internal Service Fund expenses of $17.59 million (up 19.44%) for a combined Board of Education expense budget of $109.14 (up 5.93%). In addition to these expenses, the budget includes $8.96 million of other Board of Education expenses paid by the Town. Town department operational expenses were approved at $33.83 million (up 4.33%). Other budget items include a combined Town and Board of Education debt service of $18.91 million (up 2.83%) and tax-funded capital projects of $0.38 million (down 31.25%). To fund this budget, the amount to be raised from taxation is $158.10 (up 5.27%).

“As with last year, the Town continues to address the challenges of acute inflationary pressure and ever-increasing costs for items such as labor, energy, materials and healthcare,” Town Council Chairman Michael Mauro said. “Underscoring the challenge in restraining the tax burden to residents within these unfavorable atmospherics is the revaluation year we find ourselves in. Nevertheless, Town Council worked with the leadership teams from the Town’s departments in scrutinizing the operating and capital budgets to ensure that the standard of excellence expected by town residents will continue to be provided at the best value possible. Although a tax hike is not desirable, the Town’s process focused on minimizing the overall burden while still providing the Town’s departments with the resources they need to continue to outperform our peers. After months of intensive analysis, we have achieved that goal.”

The Town Council’s budget takes into account the Town Assessor’s reported 2023 Grand List increase of 23.53% to $9.90 billion from the 2022 Grand List of $8.01 billion. This Grand List combined with a $5 million fund balance drawdown will result in projected decrease of the mill rate from the current 18.940 to an estimated 16.144 (down 14.77%). The final mill rate, which determines property taxes, is to be set by the Board of Finance by June 11, 2024. 

Attached is the Town Council FY 2024-2025 Budget Summary showing further details of Town Department and Board of Education (BOE) year-over-year budget changes. The full Town Council Approved Operating and Capital Budgets for FY 2024-25 can be found at the Finance Department homepage at

Town Council FY 24-25 Budget Summary