Press Release - OLD SAYBROOK BUDGET PROPOSES REDUCED MILL RATE

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On February 16, 2021, Old Saybrook’s First Selectman, Carl P. Fortuna, Jr., presented his proposed budget to the Board of Finance.

The town-wide budget, inclusive of the general government and proposed Board of Education budget, is up just .36%, or $167,292 for a total proposed budget of $47,187,717. The town also had modest growth in its overall grand list which, when matched against the nominal budget increase, is projected to lead to a small decrease in the mill rate.

For the second time in the last 4 budget cycles, the town is projecting a lower property tax for Old Saybrook residents than they paid the year before. Not just a lower mill rate but a lower tax burden. Looking at mill rates going back 50 years, this has not previously been accomplished. The budget fully funds education, capital needs, invests in the future of this town and even adds some services for Old Saybrook citizens.

Budget stability has been a primary focus for the town for the last 10 years. Reserves have been established for debt service, fire truck purchases, public works equipment and capital projects that arise unexpectedly. In addition, most new employees of the town hired after July 1, 2017 are now on a defined contribution plan as opposed to a traditional defined benefit pension.

The town’s long term strategy designed by the professional management here in town hall has led to consistently flat or low budgets over the last ten years. The town is addressing all its capital needs, increased the town’s rainy day fund to where it needs to be to satisfy credit rating agencies and has well-funded its pension obligations. Health insurance costs for town employees are well controlled as a result of negotiating medical plans that track the private sector. Mr. Fortuna stated: “Old Saybrook’s finances are in great shape and I am pleased, in these uncertain times, to put forth a budget that will not additionally stress the finances of our citizens.”