Cromwell Board of Finance Sets FY27 Mill Rate at 29.28 After Lengthy Fund Balance Debate
Board of Finance · Meeting of May 7, 2026
Cromwell's Board of Finance set the fiscal year 2027 mill rate at 29.28, a 7.13 percent increase over the current rate, at a May 7 special meeting. Chair John Ireland led the board through a series of unanimous votes that drew a combined $2,410,678 from the general fund balance for rate stabilization and $929,949 from the capital fund for capital non-recurring projects, with the board settling on a 55-day operating reserve floor rather than the policy's standard 60-day goal. The rate increase was driven by a $740,000 revenue shortfall tied to the Covenant Living reassessment credit, an $860,000 jump in school debt service for the new middle school, and a grand list that held essentially flat at approximately $1.913 billion.
Member John Flanders warned during deliberations that "whatever number we come out of here is going to be shocking, it's just a question of how shocking." The board also approved a $24,000 appropriation from the capital non-recurring fund for a town manager search consulting firm identified as PCM, and both the mayor and board members signaled the Town Council should revisit the town's fund balance reserve policy before the next budget cycle.
In the full story:
- The complete report — 1,247 words
Source: the Board of Finance meeting of May 7, 2026, reported from the official video recording and transcript.
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