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Fiscal Year 2009 Budget Highlights - Ensuring Financial Stability and Strategic Investments

The proposed tax rate increase is estimated at 2.85%, with a focus on maintaining a healthy ending balance of 11.6% in the General Fund. Significant expenditures include higher energy prices, increased pension plan contributions, and enhanced technology capabilities. Key focus areas for funding include Special Education, technology expansion in Schools, and support for non-governmental organizations. The budget also addresses debt reduction and subsidy changes. The town's fiscal prudence is reflected in Moody's reaffirmation of Wilton's AAA bond rating.

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Fiscal Year 2009 Budget Highlights - Ensuring Financial Stability and Strategic Investments

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  1. FY 09 BUDGET HIGHLIGHTS The proposed tax rate increase is estimated to be 2.85%, the smallest increase in the past ten years. Individual increases will vary up or down from this rate due to revaluation. The Town’s General Fund is targeted to have an ending balance equal to 11.6% of revenues, leaving a cushion against the possible effects of the economic downturn. Exceeds Board of Finance’s goal of 10%. The Town continues to pay down debt. Outstanding debt reduced by $10 million over past eight years. Moody’s reaffirms Wilton’s AAA bond rating.

  2. FY 09 SIGNIFICANT EXPENDITURE ITEMS Higher energy prices. Increased contributions to Pension Plan due to unfunded liability. Expansion of technology capabilities at Schools and Town. Increased funding for Special Education Increased funding for non-governmental organizations. Increased Transfer Station subsidy due to expiration of current contract.

  3. FY 2009 BUDGET SUMMARY(Amounts in Thousands)

  4. FY 2009 PRELIMINARY MILL RATE(Amounts in Thousands)

  5. % CHANGES IN MILL RATES FY’s 04 & 09“Normalized”

  6. MILL RATE % CHANGES IN NEIGHBORING TOWNS

  7. PROPERTY REVALUATIONS10/01/07 REVALUATION(Amounts in Millions)Net Taxable Grand List

  8. RESIDENTIAL PROPERTY REVALUATIONS10/01/07 REVALUATION(Amounts in Millions)Net Taxable Grand List

  9. FY 08 VS FY 09 REAL ESTATE ASSESSMENTS AND TAXES $000’s

  10. NET TAXABLE GRAND LIST % CHANGES

  11. TOWN OF WILTONPROPOSED FY 09 BUDGET DISTRIBUTION(All categories include capital expenditures)$107.6 million PARKS & REC., N&HC, SOC. SERV, LAND USE, TOWN CLERK, FIN. , ETC.

  12. BUDGET % CHANGES OVER TIME

  13. DEBT PRINCIPAL OUTSTANDING ON EXISTING BONDSAT JUNE 30(MILLIONS)

  14. ACTUALFOR FY’s 01-07

  15. DEBT SERVICE ON OUTSTANDING DEBT(IN MILLIONS)

  16. CONNECTICUT MUNICIPAL REVENUES

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