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Old 04-21-2014, 09:14 PM
Location: Northeast states
10,083 posts, read 6,870,582 times
Reputation: 2604
What your though on this ?

Could this Happen in Bridgeport, Waterbury, Hartford in the future ?

New London If a proposed fund balance replacement plan is not approved by the City Council tonight, the city will go broke before the end of this fiscal year, Mayor Daryl Justin Finizio and the city's finance director told the council in a special meeting this evening.

Additionally, the city does not have enough cash on hand to pay its $1.7 million payroll at the end of this week.

Finizio said he received a call from the Finance Department last week informing him that the city had run out of cash. Finizio called Governor Dannel P. Malloy and asked that the state expedite payment of $11 million in education cost sharing funds the city is due from the state. The governor, Finizio said, agreed to help speed that process up so the city can get at least some of that money this week.

"We should receive that in time to meet the city's payroll," Finizio said. "If not, the city would go broke this week."

At the heart of the city's fiscal dilemma is its withering fund balance, the account that can act almost as overdraft protection for the city's general fund.

Earlier this month, in his State of the City address, Finizio called the city's fiscal problems "a very real, and a very grave, financial peril" and declared the city was out of money and out of time.

"This is really it," he said Monday. "It's now three weeks later and we are out of cash."

The fund balance replacement plan the mayor has proposed and has asked the City Council to approve tonight consists of three steps.

First, the city would bond about $1.1 million to replace money the city took from the fund balance when projects ran over budget.

Second, the council would have to adopt a resolution that would require it to budget at least $250,000 in each upcoming fiscal year for fund balance replacement until the fund balance is at least eight percent of the city's budgeted expenditure, as mandated by a city ordinance.

Third, Finizio has proposed another resolution mandating that proceeds from the sale of city-owned real estate must go into the fund balance until it is restored to the eight percent level.

"The good news is that if we do it, we are around the corner," Finizio said. "We can solve this. If we're choosing not to, we're choosing to put ourselves in an unthinkable position."
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Old 04-21-2014, 09:19 PM
Location: New Haven
36 posts, read 29,048 times
Reputation: 23
Who cares? New London is a dump. Waterbury isnt doing that bad. Bridgeport and Hartford do have some nice parts of the city.
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Old 04-21-2014, 09:41 PM
Location: CT, New England
678 posts, read 605,263 times
Reputation: 248
Times like these I realize why I appreciate living close to a small city in the form of Danbury in Connecticut.
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Old 04-22-2014, 06:59 AM
2,490 posts, read 2,365,907 times
Reputation: 1375
Originally Posted by vIRGE View Post
Who cares? New London is a dump. Waterbury isnt doing that bad. Bridgeport and Hartford do have some nice parts of the city.
Wouldn't be so blunt, but yes.

NL and most of the eastern part of the State is dead, dieing or done. NL is not a major hub of activity and thus will not have an impact on CT as a whole. The only impact it will have will be the money it receives from the State. Its just ironic that NL boasted about paying all City workers $10.10/hr than a month and a half later it says it can't meet payroll. Not that $10.10/hr raise put them over the top, but c'mon someone must have known that they current pay their current bills why BOAST about paying more and than say "OPPS, sorry, can we have money?" lol
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Old 04-23-2014, 09:25 AM
Location: Farmington
7 posts, read 5,280 times
Reputation: 15
There is not much towards that way except for.. Mystic.. and 2 casinos.
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