STAMFORD — Board of Finance Clerk Lorraine Gilden has provided a complete list of the Board of Finance’s reductions to Mayor David Martin’s budget proposal.
Finance board members slashed $7 million in total from the mayor’s $515.4 million proposed operating budget, tentatively lowered the general property tax increase for next fiscal year from 4.9 to 3.5 percent. This weekend, I wrote about the reductions’ impact on the operating budget and education reporter Rob Varnon wrote about the school district’s reaction.
The finance board’s also made slight reductions to the capital and Water Pollution Control Authority budgets. The board reduced the proposed capital budget by $1.9 million in long-term capital, with members saying they want to see that money used instead for road paving.
The finance board also recommended cutting $310,000 from the WPCA’s $26.1 million proposed budget for next fiscal year.
The city’s operating budget and proposed property tax hike are not finalized. The 40-member Board of Representatives can also cut Martin’s budget proposal, and will meet May 6.
Elected officials can only cut the mayor’s budget; they cannot add or redistribute funding. That means the property tax increase likely will not be higher than where it stands now at 3.5 percent.
The property tax rate will be finalized May 13, when the Finance Board reconvenes following the Board of Representatives’ meeting to calculate the city’s reserve funds and set the rate. The new property tax will be reflected in residents’ July and January tax bills.
Finance board members identified specific line items where they believe their cuts should be implemented. The full list is below: