debt
Council Sends Stewart $115 Million Borrowing-Refinance Plan Back to Committee
The City Council voted to send Republican Mayor Erin Stewart’s controversial plan to borrow $115 million to push current city debt into the future back to the Council’s Bonding Subcommittee. In making his motion to refer the matter back to committee, the Democratic Council Majority Leader, Ald. Carlo Carlozzi (D-5) expressed the desire of Council […]
Council Leader Calls Special Meeting for Presentation From City’s New Borrowing Consultant
The City Council’s newly elected President Pro-Tempore Eva Magnuszewski (D-AL) has called a special meeting of the Council to hear a presentation by the city’s borrowing consultant, Mesirow Financial. The meeting will be held on Monday, December 11, 2017. The city warrant calling for the special meeting does not state the purpose of the purpose of […]
Numbers Don’t Back Mayor Stewart’s Claim That State Budget Caused City’s Negative Credit Rating
By John McNamara Contributing Columnist Mayor Erin Stewart has blamed this year’s state budget crisis for the city’s negative credit rating in response to a November 2nd report of an “escalating” debt and her administration’s own budget that shows interest payments will cost taxpayers tens of millions of dollars over the next four years. “We were downgraded […]
New Britain’s Bond Rating Drops From Stable To Negative: Huge Spike In Debt Through 2021 Cited By Moody’s
By John McNamara Contributing Columnist Republican incumbent Mayor Erin Stewart, in her re-election campaign this year and throughout her second term, has touted improving municipal bond ratings for New Britain’s fiscal solvency, claiming credit for budget surpluses of $15 million and pushing spending up at City Hall with no need for an election year tax […]
Ward 2 Candidates Discuss Serving New Britain’s East Side
Democrats Lamar Bowsky and Brian Keith Albert are discussing improvements to the city economy and community services for the people of New Britain’s East Side in their challenge to first-term incumbent Republicans Jerrell Hargraves (R-2) and Kristian Rosado (R-2) in the City Council elections in Ward 2. New Britain’s Ward 2 elects two members of the […]
Council Considers Allowing City Borrowing Services Contract to Change Firms With Former Stewart Chief of Staff
The Republican-dominated City Council is set to consider a resolution that would authorize Republican Mayor Erin E. Stewart to sign a contract moving city borrowing services from one firm employing her former Chief of Staff to the firm to which he has recently moved. The Council resolution says that, “William Blair and Company, the City’s Public […]
Stewart Proposes Freeze on City Education Support, Increase in City Hall Spending
Republican Mayor Erin Stewart’s proposed budget for the fiscal year beginning July 1st would freeze city support for New Britain’s schools while increasing overall city spending and pushing taxpayer debt into the future. Stewart’s General Fund budget proposal would increase city General Fund spending by $2,167,486 to a total of $241,537,535. Funding for the New Britain school […]
City Hall Watch: Deferring Municipal Debt Payment Means Cash Now, Higher Interest Next Year
By John McNamara The Stewart administration is shifting $6 million from a scheduled payment on the city’s rising municipal debt— creating an election year windfall to avert yet another tax increase. The Common Council approved what representatives of William Blair & Company, the city’s bond counsel, called a “re-structuring” of a $28 million bond at […]