House Bill No. 5504 amends the charter of the Cornfield Point Association, a special district within Old Saybrook, by modifying the budget and tax assessment procedures. The bill introduces a requirement for the board of governors to prepare and submit a budget at each annual meeting, replacing the previous language that simply referred to a budget. It also increases the maximum tax assessment on properties with dwellings or cottages from $500 to $1,000, while maintaining a cap of $200 on vacant lots. The association is granted the authority to decrease the recommended budget or tax assessment but is prohibited from increasing it.

Additionally, the bill clarifies the role of the tax collector, who is responsible for collecting tax assessments and maintaining tax records, which must be signed by the association's secretary. The tax assessment will remain a lien on the property, and the bill specifies that such liens may be continued by certificate and recorded on the land records of Old Saybrook. The fiscal impact of the bill is expected to result in increased revenue for the Cornfield Point Association starting in FY 28, depending on the assessment amounts and the number of properties assessed.