Wilton’s Board of Finance (BOF) is continuing its preparatory work leading up to the FY2025 budget planning process.

The Oct. 18 BOF meeting served as a continuation of the discussion launched at the board’s previous meeting, which included very preliminary forecasts for what the Board of Selectmen (BOS) and Board of Education (BOE) budgets might look like for FY2025-2026, along with resulting mill rates. (Video recordings of both meetings are posted on the Town website.)

Matt Raimondi, who is leading the analysis, called it a “good discussion” thus far. A few data points remain outstanding, mainly pertaining to the BOE budget.

Wilton Public Schools Superintendent Dr. Kevin Smith attended the Oct. 18 meeting. He praised the forecasting effort the BOF has undertaken as “a good beginning” but said he expected further refinement of the BOE budget numbers in the days ahead.

Smith delivered at least one piece of good news.

“About this time last year, we were in really dire straits with the number of kids in emergency outplacements… the news this year is markedly better, so that’s good on all fronts, including the financial front,” he told the BOF.

He also reported the district is currently running above last year’s enrollment numbers and significantly above earlier forecasts.

The BOF had previously indicated it would aim for an October timeframe for issuing budget guidance. However, the board is attempting to balance its ability to provide accurate and actionable guidance with the reality that many key data inputs are amorphous this far in advance.

Even since the board’s September meeting when the BOF reviewed a preliminary budget and mill rate forecast, some data has changed, and new information that impacts the FY2025 outlook has emerged.

Perhaps the most unexpected new information was First Selectwoman Lynne Vanderslice‘s recent announcement that the cost for Wilton school building upgrades could surpass $100,000,000 over the next ten years, based on a draft report the Town received for a long-range school building needs assessment. (A similar assessment was recently begun for municipal buildings, which will add even more cost to the Town.)

BOF Vice Chair Stewart Koenigsberg noted the BOF’s quandary of trying to provide budget guidance to the BOE before it becomes clear whether any of the identified school building costs might factor in to next year’s budget.

A quad-board meeting (BOF, BOE, BOS and P&Z) is being planned for November.

“One of the broad conversations [will be] how and over what period of years to confront the facilities concerns… I don’t think that’s an easy one to resolve,” Smith said.

Raimondi challenged the board to use the best available data to begin to inform their opinions about potential budget numbers in the hopes of providing some guidance to the BOS and BOE in a timely way. He was hopeful that BOF discussion at the November meeting would be sufficient for the board to reach a decision as to whether to provide guidance at that point.

Board members are also wary of the potential impact of the property revaluation process, which will not be known for months.

Sandy Arkell emphasized the importance of the board’s “transparency” about budget realities with residents.

“I think it’s important for everyone to know… this year is definitely very different, a bit more complicated,” she said.

Raimondi agreed.

“There’s more variables this year than we’ve had to deal with historically,” he said.

BOF Newsletter

The BOF issued a September newsletter, which was the first of what the BOF intends to be a series of regular communications to keep residents informed and updated on information relevant to the board’s work.

The BOF newsletter is posted on the Town website. Residents may receive future newsletters by subscribing to emails from the BOF by selecting “Town News and Announcements” on the list of e-alert subscriptions on the Town website. BOF meeting agendas and minutes are also available for e-alerts.

Koenigsberg is also envisioning roughly a dozen key charts accessible to residents to help them better understand the Town’s finances and the BOF’s deliberations. He plans to circulate what he has assembled for further discussion and input from fellow board members.

A Look Ahead

The BOF will meet again on Nov. 14, after the municipal elections. BOF Chair Michael Kaelin, who is not seeking reelection, said he plans to invite any newly elected members to the meeting to help facilitate a smooth transition before their new terms formally begin.