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Board of Finance March 2025 Update

Posted on: March 17, 2025 - 9:43am
March 2025 Update from the Board of Finance
 
Budget season is in full swing! In this month’s update, we’ll cover the proposed budgets from the Board of Selectmen (BOS) and Board of Education (BOE), as well as the estimated mill rate impact. We’ll also share ways for you to provide feedback and make your voice heard.
 
FY26 Budget Overview
The estimated mill rate—the tax rate for most residents—is expected to increase by 2.7% based on the requested budgets, before any adjustments by the Board of Finance.
 
Requested Budgets:
  • Board of Education: $97.0m budget request, reflecting a $3.7m increase (+4.0%) over last year. This request aligns with the Board of Finance (BOF) guidance issued earlier in the budget process. Please see here for the full budget request.
  • Board of Selectmen: $37.4m budget request, reflecting a $1.6m increase (+4.4%) from the previous year. This request is 1.4% higher than BOF guidance. Please see here for the full budget request.
Including debt service (+$1.1m) and reserves (+$0.2m), total expenditures are expected to increase by $6.6m (+4.6%).
 
How Would the $6.6m in Additional Expenses Be Funded?
  • Non-property tax income (e.g., conveyance taxes, building permits, investment earnings) is projected to increase by $1.1m (+17.8%).
  • Wilton’s taxable Grand List grew by $75.4m (+1.3%), generating $1.8m in additional tax revenue.
  • The remaining $3.7m would be covered by a 2.7% mill rate increase.
Without Grand List growth, the required mill rate increase would have been nearly 50% higher.
 
You can see here for more details on the grand list growth, preliminary budgets, and mill rate calculation.
 
Ways to Provide Feedback
  • Take the Annual Budget Survey
    • The BOF’s annual budget survey is now open! This is an important way for residents to share their perspectives. Last year, 1,129 residents participated—let’s try to top that this year!
  • Take the survey online here (Deadline: March 28 at 5pm ET) and please encourage your friends and neighbors to participate!
  • Attend Public Hearings
    • We encourage all residents to attend these upcoming hearings and share their thoughts in person:
      • BOS Budget Public Hearing – Wednesday, March 19 at 7pm ET (Middlebrook Auditorium)
      • BOE Budget Public Hearing – Wednesday, March 26 at 7pm ET (Middlebrook Auditorium)
    • Email the Board of Finance
      • If you can’t make it to a hearing, feel free to share your thoughts via email at [email protected]
 
The Board of Finance will hold budget and mill rate deliberations on April 1-3. Following these discussions, the BOF will submit the proposed budgets and mill rate for the Annual Town Meeting on May 6, where residents will have the opportunity to vote. Additional voting will continue on May 10.
 
A Thank You to the Community
Finally, I want to thank the many groups around town who invited me to speak over the past few weeks. While I shared insights on Wilton’s financial landscape, what I valued most was hearing your perspectives. These conversations are invaluable as the BOF evaluates the town’s financial decisions, and I truly appreciate your time and engagement.
 
If you have any questions, don’t hesitate to reach out.
 
Matt Raimondi
Chair, Board of Finance