Board of Finance Recommends $99.4M Budget to Branford RTM

Earlier this month, First Selectman Unk DaRos proposed a $100.9 million budget that would increase Branford's mill rate from 24.95 to 26.10. The propsed budget would have required a 5.1 percent tax increase, but DaRos acknowledged that “The final numbers won’t come close to this," according to the New Haven Register.

The proposed budget then went before the Board of Finance. At the March 25 meeting, the BOF recommended several cuts to reduce the 2013-14 proposed budget to $99.4 million for a 25.63 mill rate. Now the budget will go before the RTM.

Here's a breakdown of the proposed numbers and DaRos's proposed budget is attached as a PDF.

$96,530,680

$100,962,898

$4,432,218

(4.59%)

1.14706529

(4.60%)

.68

(2.77 %)

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So, what could the proposed increase mean for you and how will it impact your wallet?

An example of how to compute your taxes from the mill rate proposed to go to the RTM:  If the full (100%) value of your home is $200,000, the assessed value at 70% is $140,000 (200,000 x .70 = 140,000). If the mill rate is 25.64, your annual taxes are $3,589.60 (140,000 x .02564 = 3,589.60).      

Compared to the current mill rate of 24.95, where your taxes are $3,493 (140,000 x .02495 = 3,493), your taxes for the 2013-14 year would go up $96.60.

Superintendent Hamlet Hernandez proposed his budget with a 2.95 percent increase in early February.