City debt
New Britain Council Committee Approves Creation of Audit Committee
The New Britain City Council’s Committee on Administration, Finance and Law has voted to approve a proposal to create a new Council Audit Subcommittee. The Council’s Majority Leader, Ald. John McNamara (D-4), one of the co-sponsors of the proposal said that, “government works best when we have checks and balances between the executive and legislative […]
New Britain’s Late Audit Filed, Not Given to Council, Shows Deficiencies and Greater Debt
The city of New Britain’s long-overdue audit report was dated as filed one day before the Council meeting at which Mayor Erin Stewart told the Council it would be “available” in January. The auditors’ report cites deficiencies and a jump in taxpayer debt. While the form filed by the city with the state Office of […]
City Claims Late Audit Due to Staffing Shortage, “Projected” Completion on Halloween
The administration of Mayor Erin Stewart (R) claims that the city of New Britain failed to file a required audit more than a year after the close of its 2022 budget year because it was short-staffed in its finance office. Yesterday, the New Britain Progressive broke the news about a stern letter from the state […]
Mayor’s Proposed Budget Will Bring 12.58% Tax Hike
Public Hearing Is April 24th; Common Council Adoption Due By June 7th Staff Reports NEW BRITAIN – Mayor Erin Stewart’s proposed $265,849,055 city budget would increase property taxes by 12.58% for the fiscal year that begins July 1st, with a 5.92% spending increase over current year expenditures. The Mayor’s General Fund Budget Book 2023-2024 Stewart’s […]
Another Restructuring Adds Millions In Debt To New Britain’s Finances
Fitch “does not consider this to be a prudent management practice during a period of recovery.” By John McNamara In a perfunctory special meeting on June 1st the Common Council unanimously adopted a municipal budget for the year that starts July 1st. The $251,046,177 million budget for the new fiscal year is “controlled, calculated and […]
Stewart Apparently Proposes Borrowing To Cover City Spending Again
Republican Mayor Erin Stewart is proposing $49.5 million in taxpayer borrowing to refinance existing city debt…
Council to Hold Hearing on Stewart Budget
The City Council will hold a hearing tonight, Thursday, April 22nd, on Republican Mayor Erin Stewart’s city budget for the upcoming year.
Meeting to Consider $7 Million Apparent Debt Refinancing Cancelled
After a New Britain Progressive article, a city meeting on borrowing $7 million to refinance existing city bonding has been cancelled.
Council to Consider $7 Million Apparent Debt Refinancing
A City Council committee is to consider a proposal, apparently to borrow $7 million to refinance existing city bonding.
Council to Have Special Meeting on Borrowing for Operating Expenses
Republican Mayor Erin Stewart has called the New Britain City Council into a meeting on what is described as a plan to borrow to cover annual city budgets.