Board of Finance approves fire department capital funding shift
Board of Finance · Meeting of February 24, 2026
New Canaan's Board of Finance says favorable health claims are holding its insurance budget increase under 1 percent. Insurance consultant Joe Spurgeon told the board Tuesday that claims this year are running "about 1.9 million, or almost 31 percent, better than expected," pushing the Board of Education's requested Internal Services Fund contribution up just $139,000, to $18.55 million, for fiscal year 2027. Last year the self-funded plan, capped at $300,000 in liability per member, ran about $358,000 over its $17.3 million expected claims, with stop-loss premiums near $1.5 million against $818,000 in excess claims.
Board staff, identified as Sean, said the fund's projected 8 percent reserve corridor, split with the town's 12 percent share, would absorb a projected $803,000 net decrease against a $3.2 million opening balance. The board also shifted $20,000 in capital funding from a scrapped fire department training tool to a forcible entry door and fuel flow meter.
In the full story:
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Source: the Board of Finance meeting of February 24, 2026, reported from the official video recording and transcript.
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