Wilton Board Of Finance Newsletter For Dec. 6

**News Release Submitted by Town of Wilton**

Dec. 6, 2024

Wilton Residents,

I hope you all had a wonderful Thanksgiving! Below is an update from the Board of Finance (“BOF”).

Mill Rate & Budget Guidance: At our November 12 meeting, the BOF unanimously voted to set mill rate (i.e., tax rate) guidance at a 3.0% increase. Below, you'll find an illustration of how this tax increase would impact residents at various current tax levels.

Additionally, the BOF set individual board guidance at 4.0% for the Board of Education (“BOE”) and 3.0% for the Board of Selectmen (“BOS”). These decisions were informed by forecasts provided by the Superintendent and First Selectwoman, as well as several factors, including:
● Contractual level of union wage increases for both BOE employees (~4.0%) and BOS employees (FY26 increase is pending contract negotiations)
● Inflation (currently 2.6%)
● Forecasted changes to school enrollment (increase of 13 children from the current school year) and per-pupil-expenditure trends
● Student / teacher ratio across grade levels and disciplines
● BOS proposed staff increases
● New Grand List growth from development
● Consideration for what may or may not be acceptable to the residents of the town based on previous town surveys, resident emails/comments, annual town meeting votes, and municipal elections

Balancing Town Needs with Taxpayer Expectations: Our analysis, based on projections from the Superintendent and First Selectwoman, along with debt service and other assumptions, indicated a potential 5.3% mill rate increase. However, the Board concluded that a 5.3% increase would not be acceptable to Wilton residents.

At the same time, we recognize that unavoidable expense increases—such as contractual obligations and inflation—must be addressed. After careful deliberation, we determined that a 3.0% mill rate increase represents a balance between the town’s needs and what taxpayers can reasonably support.

You can review the mill rate model and underlying assumptions here.

Your Voice Matters: Thank you to everyone who shared feedback with us. Your perspectives are invaluable as the BOF works to balance the needs of our town with the priorities of its residents. We encourage you to continue reaching out with questions, comments, or concerns.

Please don’t hesitate to contact the BOF at boardoffinance@wiltonct.org.

Best regards,
Matt Raimondi
Matthew.Raimondi@wiltonct.org
Chair, Wilton Board of Finance

As mentioned above, please find the chart below, which illustrates the approximate increase, in dollars, that taxpayers at various current tax levels would have to pay based on different levels of mill rate (tax) increase.

This press release was produced by the Town of Wilton. The views expressed here are the author’s own.