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Money Transfer Could Lead to New Canaan Tax Cut

NEW CANAAN, Conn. – New Canaan residents may get a break on their taxes next year after the Board of Finance shifted about $3.3 million into the town’s general fund.

After more than four hours of discussion, the finance board voted Wednesday night to transfer $3.996 million in excess funds from a grant account that includes reimbursement dollars given to the New Canaan Public Schools for special education costs. The total is minus $634,000 the Board of Education included in its $74.5 million budget for the 2012-13 fiscal year. The Town Council approved a $125.5 million spending plan last week.

The finance board also planned to transfer $750,000 of the money back to the Board of Education’s budget to use as a contingency for unexpected special education costs. School officials said the district should not have allowed the grant fund to grow so large. The transfer must be done at a later finance board meeting and be approved by the Town Council.

The grant account money could be used to reduce the mill rate, which will be set on May 8, Interim Finance Director Kathleen Corbet said. The finance board will continue talks on how that money should be spent. “We have a lot of options,” finance board member Paul Giusti said.

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