Waterford — The Board of Finance approved a $96,460,253 town budget Tuesday, with a 1.25% increase from the 2019-20 budget. The Representative Town Meeting now gets the final say on it, and will meet at 6 p.m. on May 11, 12, 13 and, if necessary, 14, via video conference call.

The Board of Education budget stands at $50,842,315, while the town budget is $45,617,938, accounting for $11,246,750 in capital and debt service and $34,371,188 in the general government fund.

Despite the slightly bigger budget, taxes will stay the same for Waterford residents because of an increase in the grand list.

"According to a memo from the assessor to the first selectman and finance director on Jan. 30, 2020, the Grand List increased by 0.97%, with the largest increase of 3.6% in personal property," board member Bill Sheehan wrote in an email. "There was a slight decrease in real estate due to the decrease in value of Crystal Mall but an increase in value of (Millstone Power Station owner) Dominion's real property of $3.2 million and an additional $9 million in new construction/improvements in Waterford since last year. The large personal property increase was mostly from Dominion."

Sheehan also noted that the town finance director estimated $4,043,643 in revenues aside from taxes, so taxpayers likely will shoulder a $92,416,610 burden.

First Selectman Rob Brule, along with the board, made a concerted effort to whittle down the budget in light of the COVID-19 pandemic. Earlier this month, the board agreed to cut $661,440 from the town's operating budget.

In February, the Board of Selectmen proposed a $46.8 million spending plan, which called for a 2.1% increase from the current budget. Brule proposed a $960,000 decrease from that number in an effort to make sure residents wouldn't face a tax increase this year during the difficult economic circumstances brought about by the coronavirus.

The finance board ultimately decided not to cut $300,000 to remove a septic tank at Cohanzie Fire Department because that project has been mandated by the Environmental Protection Agency. Brule found another $300,000 to cut and presented his idea at the board's final budget meeting on Tuesday.

"I am recommending a $300,000 reduction in the OPEB fund," Brule said, referring to other post-employment benefits, which state and local governments provide to retired employees aside from pensions. "I feel confident that a $300,000 reduction from the recommended $1.4 million amount in the OPEB budget line will provide this board a responsible cut to ensure no tax increase, and just as important, will still acknowledge our commitment to fund the future liability associated with Board of Education and town retiree health insurance costs that were previously promised."

The board approved the measure. Brule defended the decision by pointing out the OPEB budget is $400,000 more than last year's, therefore the town is not shirking its responsibility in paying off this debt.

Some major expenditures in the budget the board approved include $7,628,790 for debt service; $6,450,741 for the police commission; $4,658,000 for insurance; $3,101,562 for fire services; $2,216,680 for capital improvements; $1,519,608 for the Parks and Recreation Commission; $1,087,258 for emergency management and $824,968 for information technology.

s.spinella@theday.com