New Canaan finance board approves $16.1 million bond package
Board of Finance · Meeting of April 7, 2026
New Canaan finance board approves $16.1 million in capital bonds and a $560,000 housing transfer. The Board of Finance voted unanimously Tuesday to authorize $16,141,488 across 15 projects, including a $1,615,000 fire department pumper truck, $2,905,150 in school facility work and $684,000 in highway equipment. Scott Hobbs, chairman of the New Canaan Housing Authority, won approval for a $560,000 draw from the Affordable Housing Trust Fund to cover parking, security cameras and HVAC work at Millport, saying the authority "dipped deep into our reserves" to help buy Riverwood.
Finance staff reported revenue running $1 million ahead of budget through March, at $176.3 million, with expenses at 69.2 percent of the annual budget and a projected year-end surplus near $2 million.
In the full story:
- The complete report — 983 words
Source: the Board of Finance meeting of April 7, 2026, reported from the official video recording and transcript.
The Full Article
NEW CANAAN — April 7, 2026 — The New Canaan Board of Finance voted unanimously Tuesday to authorize $16,141,488 in bonding for 15 capital projects, ranging from a new fire department pumper truck to school building repairs, as part of the town's 2027 capital plan.
The board also approved a $560,000 transfer from the town's Affordable Housing Trust Fund to pay for parking lot repairs, a new security camera system and HVAC equipment at the Millport Avenue affordable housing property, following a request from Scott Hobbs, chairman of the New Canaan Housing Authority. The transfer had already been approved by the Board of Selectmen and next goes to the Town Council.
The Full Story
The board opened the meeting by seating alternate Jan Schaefer in place of member Nicholas Metraus, who was not expected to attend during what several members described as school break week. Members also approved minutes from the March 3 and March 5 meetings without discussion.
Hobbs told the board the housing authority is drawing on the trust fund because it depleted much of its reserves to help finance the purchase of the Riverwood property, deferring routine maintenance at Millport in the process. He said the fund, created by statute in the 1990s and financed through a 1 percent fee on building permits, typically grows between $300,000 and $700,000 a year and has rebuilt to $731,000 in roughly 18 months since the Riverwood withdrawal. None of the requested funds will go toward Riverwood or the Canaan Parish property, Hobbs said; all $560,000 is earmarked for Millport.
A staff member identified in the meeting as Ann, joining remotely with colleague Ryan assisting, presented the town's financial report through March. Total revenue stood at $176.3 million, or 100.6 percent of the fiscal year budget, roughly $1 million ahead of projections with three months left in the fiscal year. Current tax collections reached $165.5 million, up $6.2 million from the same point last year. Building permit revenue totaled $691,000, or 76.8 percent of budget, while conveyance fees hit $1.6 million, just over the full-year budget of $1.6 million. Total expenses through March were $125.2 million, or 69.2 percent of the annual budget. Staff said the town spent $132,000 on storm cleanup this fiscal year that had not been separately budgeted, covered instead through the contingency line. The finance staff projected the town could finish the year roughly $2 million ahead of budgeted revenue.
The board then approved, in a single vote, a series of budget transfers: roughly $31,500 moved from contingency into the town's Charter Revision Commission budget to cover a part-time minute-taker and related costs through the 2027 fiscal year; $12,546.40 from contingency, along with reductions of $3,000 from the highway budget and $39,000 from the town buildings budget, reallocated to cover higher fuel oil costs this winter across police, fire, EMS, parks, the nature center and Waveny Park buildings; $17,600 from sewer fund contingency for a safety guard required after an OSHA inspection; and $17,000 from sewer fund contingency to cover rising fuel costs in that department.
The largest item of the night was the bond resolution covering 15 projects: $50,000 for IT department hardware and network equipment; $192,000 for police tasers, mobile data terminals and radios; $1,615,000 for a new fire department pumper truck; $85,000 for a new ambulance; $78,660 for emergency management hardware and software; $4,795,904 for a roads and infrastructure package covering pavement management, ADA improvements, sidewalks, bridge work, and traffic signal and signage upgrades; $684,000 for highway department trucks and equipment; $2,245,000 for town buildings projects including Town Hall repairs and Waveny House work; $945,000 for parks department equipment and field improvements; $1 million as a grant to support the library's separate fundraising effort, which will not be bonded unless the library's own project moves forward; $80,000 for recreation department audio and technology upgrades; $2,905,150 for school district projects including HVAC, carpet replacement, playground surfacing and high school redesign engineering; $1,150,000 for sewer system inflow and infiltration work; $225,000 as a grant to the housing authority for current projects; and $90,774 for new parking pay machines on Main Street and elsewhere in town.
"We dipped deep into our reserves in order to help purchase Riverwood, and we knew that would leave us a little bit short coming up on some of our required maintenance improvements on the project." — Scott Hobbs, chairman of the New Canaan Housing Authority
"Once people know there's surveillance, amazingly a lot less stuff happens." — Scott Hobbs, chairman of the New Canaan Housing Authority
Why It Matters
The $16.1 million bond authorization funds work residents will see directly: new fire and ambulance equipment, road paving, school facility repairs and parking upgrades downtown. Because the library's $1 million allocation is a contingent grant, it will not add to the town's bonded debt unless the library secures its own project funding. The $560,000 housing trust transfer keeps Millport's affordable units maintained without drawing on general tax dollars, using a fund built specifically for that purpose. The Town Council is scheduled to vote on the overall town budget next Tuesday, April 14, and the Board of Finance will finalize the mill rate at its June meeting.
Key Motions & Votes
- Action: Seated alternate Jan Schaefer for absent member Nicholas Metraus Tally: Approved unanimously
- Vote: Approval of March 3 and March 5 meeting minutes Tally: Approved unanimously
- Vote: $560,000 transfer from Affordable Housing Trust Fund for Millport parking, security camera and HVAC projects Tally: Approved unanimously
- Vote: Bundled budget transfers, including charter revision funding, fuel oil reallocations and two sewer fund contingency transfers Tally: Approved unanimously
- Vote: Resolution authorizing $16,141,488 appropriation and bond/note issuance for 15 fiscal 2027 capital projects Tally: Approved unanimously
- Action: Adjournment Tally: Approved unanimously
Source
Town Of New Canaan: Board of Finance meeting, April 7, 2026