CORNWALL — Final revisions to Cornwall’s 2023-24 budget proposals were made by the Board of Finance at a meeting on April 6.
A review of the plan resulted in unanimous agreement among board members on final figures to present to the town at a public hearing at Cornwall Consolidated School on Friday, April 21, 7:30 p.m.
Finance Director Barbara Herbst’s presentation of the spending plan showed a proposed total budget of $7,768,508, up $276,035 (3.68%) increase over last year’s budget of $7,492,473.
This hike was primarily driven by the $396,904 (27.37%) increase in Cornwall’s Region One school assessment.
Herbst projected $3,281,542 to be available in reserves going into the next fiscal year. This would represent over five months’ worth of expenses for the town, well above the state’s recommendation of holding two months in reserves.
“That’s a good problem to have,” said Richard Bramley, board member. “There’s a lot of room in that fund for allocating some towards the budget.”
Herbst showed how transferring funds could impact the mill rate. After reviewing options, the board unanimously agreed on allocating $350,000 from unassigned funds toward the 2023-24 budget.
“In 2018 we used exactly $350,000 so there is a precedent,” said Chairman Joe Pryor.
This change put the mill rate at 14.7%, which is 1.45% higher than the current mill rate of 14.49%. It would also leave over four and a half months of reserves in unassigned funds.
The board agreed to present this proposal to the town on April 21 at Cornwall Consolidated School at 7:30 p.m.
The Selectmen’s proposed spending plan totaled $2,942,625, a $91,228 (3.01%) decrease from last year’s town budget of $3,033,853.
The proposed spending plan for Cornwall Consolidated School in 2023-24 is $2,633,903. This is down $31,080 (1.17%) from 2022-23’s budget of $2,664,983.
Cornwall’s Region One assessment for 2023-24 is $1,847,118, an increase of $396,904 (27.37%) over last year’s Region One budget of $1,450,214.
This puts Cornwall’s total proposed education spending at $4,481,021 in 2023-24, up $365,824 (8.89%) over the $4,115,197 budget in 2022-23.
