Board of Finance Votes to Lower Mill Rate

A news release from the First Selectman's Office:

Westport’s Board of Finance voted unanimously [Wednesday night] to reduce the mill rate from 18.07 to 17.94 for the coming fiscal year, 2014-2015.

First Selectman Jim Marpe recommended the tax reduction, stating: 

“Over the past few years, this Board of Finance has taken a conservative approach to ensure the stability of our town’s finances. You successfully faced the double challenge of navigating the town through the recession, while at the same time helping to fund and reform our expensive and unsustainable pension and OPEB obligations.

"Westport taxpayers absorbed the brunt of the tax increases required to maintain our financial stability, world-class schools, infrastructure, and town services.”

“Your hard work is paying off.  We have grown our Grand List, our tax collection percentage is up, our shift to High Deductible Health Savings Plans is helping control our medical costs, and our Department Heads are finding innovative ways to enhance productivity.

"Our conservative actuarial methodology assures that investment returns will help offset possible lower returns in the future.”

“I believe we can make a responsible tax reduction this year while retaining this board’s conservative financial discipline.”

Board of Finance chairman John Pincavage stated “the close working relationship between the Board of Finance and the Selectman’s office has tremendously benefitted the town and taxpayers. Collaboration results in improved decision making and greater efficiencies.”

Second Selectman Avi Kaner, formerly the chairman of the Board of Finance, added: “This outcome benefits all Westport taxpayers. It is the result of Westport’s conservative fiscal discipline over the past few years, the improved economic expansion in our town, and the hard work of our department heads to carefully manage costs.”