• The adopted 2010-2011 Town budget totals $97,102,104. This compares to $94,708,838  in 2009-10 or an increase of 2.5%
• The adopted 2011-2012 Town budget totals $100,902,993 an increase of 3.9%

What is the town’s mill rate?

• The mill rate for fiscal year 2010-11 is 29.18 mills, up .78 mills from 2009-10.
• The mill rate for fiscal year 2011-12 is 30.02 mills, up .84 mills from 2010-11.

What is the Towns credit rating?

• The Town actually carries two credit ratings: one from Moody’s Investors Service is Aa2 and the other from Standard and Poor’s which is AA.  The Town's credit rating was last upgraded in 2010 by Moody's Investor Services during a global recalibration of ratings. The ratings were last reviewed in April 2010.

What is the total amount of general obligation bonds outstanding?.

• As of June 30, 2011, the Town will have $13,515,000 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.
• The decrease in the Town's indebtedness is due to the Town refinancing $3.6 million in bonds by issuing $3.64 million in Refunding bonds at lower interest rates.  In addition, the Town made principal payments during the year totaling $1.75 million.  The Town had no bonds authorized but unissued at June 30, 2010. 

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

• The Town will pay out $2,162,361 of which $1.630 million is for principal and $532,361 for interest in 2010-11.

What is the Town’s tax collection rate?

• The Town’s collection rate averages about 98.8% each year.

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

• In 2010-11,  the Town will pay $2.646 million for these services.

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

• In 2010-11, the Town is expected to receive about $17 million or approximately 18% of its operating budget from the State of Connecticut.  Of this amount $3.1 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 $12.6 million.

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

• The Education budget is $59.2 million and comprises 61% of the Town budget for the 2010-11 fiscal year.
• The Education budget is $61.6 million and comprises 61% of the Town budget for the 2011-12 fiscal year.

When will the Town audit be available?

• The Town audits for the periods ending June 30th, 2010 & three previous years are available on line.
• Each year, the Town audit report for the period ending June 30th will be available after December 31st.