Wilton residents, we hope you had a great Thanksgiving! Here's an important update from the Board of Finance (BOF). The BOF recently took significant decisions regarding mill rate and budget guidance. At their Nov. 12 meeting, they unanimously voted to set mill rate guidance at a 3.0% increase. This tax increase's impact on residents at various current tax levels is illustrated below. Additionally, individual board guidance was set at 4.0% for the Board of Education (BOE) and 3.0% for the Board of Selectmen (BOS). These decisions were informed by various factors such as contractual wage increases for BOE and BOS employees, inflation, school enrollment changes, student/teacher ratios, BOS proposed staff increases, new grand list growth, and resident feedback from previous surveys and elections.
Balancing Town Needs and Taxpayer Expectations
Based on projections from the superintendent and first selectman, along with debt service and other assumptions, a potential 5.3% mill rate increase was indicated. However, the Board concluded that such an increase would not be acceptable to Wilton residents. At the same time, they recognized the need to address unavoidable expense increases like contractual obligations and inflation. After careful deliberation, a 3.0% mill rate increase was determined to be a balance between the town's needs and what taxpayers can reasonably support.Mill Rate & Budget Guidance Details
The 3.0% mill rate increase set by the BOF has significant implications. It affects residents across different tax levels. For example, those at lower tax levels will see a relatively smaller increase in their tax payments compared to those at higher tax levels. This shows the Board's consideration of the varying financial situations of residents. The BOF's decision also takes into account various factors such as inflation, which currently stands at 2.6%. School enrollment is expected to increase by 13 children from the current school year, and per-pupil-expenditure trends are also factored in. Student/teacher ratios across different grade levels and disciplines are carefully analyzed to ensure educational quality. The BOS proposed staff increases are also weighed against these factors to make a comprehensive decision.Impact on Different Tax Levels
This chart provides a clear visual of the approximate increase in dollars that taxpayers at various current tax levels would have to pay based on different mill rate (tax) increases. It helps residents understand how the BOF's decisions will directly affect their finances. For instance, a taxpayer with a current tax level of $50,000 might see an increase of around $1,500 with a 3.0% mill rate increase. This kind of detailed information allows residents to make more informed decisions and have a better understanding of the financial implications of the BOF's actions.Your Voice Matters
The BOF values the feedback from residents. Everyone who has shared their thoughts with the BOF has played a crucial role in helping them balance the needs of the town with the priorities of its residents. The Board encourages continued communication through the Board of Finance email. Whether it's a question, a comment, or a concern, residents are welcome to reach out. Their perspectives are invaluable in shaping the BOF's decisions and ensuring that the town's resources are used effectively.Supporting Local News
Since 2013, GMW has been dedicated to bringing you timely, independent news that is available to everyone at no cost. No other news source covers Wilton full-time like GMW. This local public service is made possible by reader support. Paid memberships fund reporters who bring you next-day news and secure the resources for important services like livestreams and timely news delivery. Consider supporting GMW with a membership as little as $5 a month. Your support helps keep local, independent news going in Wilton and ensures that you stay informed about everything in your community.
