STAMFORD — Uncertainty in the state budget was the focus of talks among Board of Finance members Tuesday, as officials weighed whether to set aside extra funds anticipating a sizable reduction in state aid while setting the tax rate. The tax rate for the 2017-18 fiscal year reflects a $555 million operating budget and an extra $500,000 in contingency that officials said was to help offset anticipated cuts from the state, bringing the total reserve allocation to $4.3 million. [...] Republican board member Sal Gabriele questioned whether the city needed to keep so much in contingency when Mayor David Martin announced last week the city could expect a more than $5 million surplus in the current budget year that Gabriele believes could be used to offset the future tax burden. The rest of the members — only Gabriele and fellow Republican Shelley Michelson voted against the $500,000 contingency — urged caution when anticipating the impact of state budget cuts. The schools portion of the budget is $270 million, a 2.2 percent increase from its current spending plan, while the city side — which funds public works, public safety and administration — is rising 4 percent to $280 million.
Stamford Officials Set Tax Rate On 2.79 Percent Hike
By Liz Skalka, The Advocate
Tue, 05/16/2017 - 6:40pm
Sections: u.s.
Topics: Connecticut Fairfield County Stamford
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