• The adopted 2007-08 Town budget totals $89,934,488. This compares to $85,019,673 in 2006-07 or an increase of 5.7%

What is the town’s mill rate?

• The mill rate for fiscal year 2007-08 is 26.91 mills, up 1.15 mills from 2006-07.

What is the Towns credit rating?

• The Town actually carries two credit ratings: one from Moody’s Investors Service is Aa3 and the other from Standard and Poor’s which is AA.  The Town's credit rating was last upgraded in 1999 by Moody's Investor Services. The ratings were last reviewed in June 2005.

What is the total amount of general obligation bonds outstanding?

As of June 30, 2007, the Town will have $20,355,000 in bonds outstanding. Its last bond sale was in June  2005,in the amount of $3.7 million to fund improvements to the expansion  and renovation to the Newington Police station.

How much does the town pay out annually in debt service for these bonds?

• The Town will pay out $2,595,927 million of which $1.750 million is for principal and $845,927 for interest in 2007-08.

What is the Town’s tax collection rate?

• The Town’s collection rate averages about 98.7 % each year.

How much does the Town pay  to the Metropolitan District Commission for sewer services?

• In 2007-08,  the Town will pay $2.706 million for these services.

How much money does the Town receive from the State of Connecticut?

• In 2007-08, the Town is expected to receive about $15.8  million or approximately 18% of its operating budget from the State of Connecticut.  Of this amount $2.0 million is for payment in lieu of taxes for exempt facilities in the Town. The largest grant is from the Educational Cost Sharing (ECS) grant which totals $12.5 million.

How much is the budget of the Board of Education and what % is it of the total budget?

• The Education budget is $53.6 million and comprises 60% of the Town budget.

When will the Town audit for the period ending June 30th, 2006  be available?

• The Town audit for the period ending June 30th, 2006 is available in the Finance Department.