deficit
Possible $11 Million Long-Term Deficit Apparently in Stewart’s Budget Proposal
Republican Mayor Erin Stewart proposed budget appears to cover a possible $11 million long-term deficit with non-recurring budget items that may leave a sizable shortfall in future years’ city budgets. Stewart’s budget proposal has already been criticized for increasing property taxes, despite her claim of “no tax increase”, as well as for freezing the city’s annual […]
Council Approves Hiring Freeze, With Republicans Opposing
The City Council has approved a hiring freeze on all city positions except for public safety and temporary seasonal parks and recreation positions. All five Council Republicans in attendance voted against the hiring freeze. The resolution was approved, with nine votes in favor and five in opposition. With the exception of police, fire, emergency dispatch […]
Council Adjourns Meeting Without Approving Stewart $115 Million Borrowing Plan
Without approving Republican Mayor Erin Stewart’s controversial proposal to borrow $115 million to push city debt into the future, the City Council adjourned the third special meeting that Stewart had called for the Council to approve her plan. The motion to adjourn the January 25, 2018 special meeting was made as the Council began consideration […]
Stewart Calls Third Meeting on Approving $115 Million Borrowing-Refinance Plan
Republican Mayor Erin Stewart has called a third Council meeting in three weeks to consider her proposal to borrow $115 million to push city debt into the future. Stewart called the meeting for Thursday, January 25, 2017, one day after the regular Council meeting on January 24th. Many are calling Stewart’s tactics to pressure City […]
Proposal Made to Slow Down and Decentralize Decisions on City Borrowing
After what many are calling Republican Mayor Erin Stewart’s heavy-handed attempts to pressure City Council Democrats into a quick approval of her plan to borrow $115 million to push city debt into the future, a proposal has been introduced to slow down and decentralize decisions on city borrowing. Democratic Ald. Aram Ayalon (D-3) has introduced a […]
Stewart Calls Special Council Meeting to Borrow $115 Million to Push Debt into Future
Republican Mayor Erin Stewart has called a special meeting of the City Council to consider a plan to borrow $115 million to, “Refund Any of the City’s Outstanding General Obligation Bonds.” Stewart issued her official warrant calling the meeting on January 3, 2018. On the same day, the city’s debt underwriter, Mesirow Financial, issued an […]
$15.5 Million Deficit Appears Hidden in Stewart’s Budget
The city budget proposed by Republican Mayor Erin Stewart has what appears to have a hidden $15,541,294 deficit built into it, a deficit that could continue to re-appear into future budget years. Stewart’s budget contains two substantial budget lines that are based on short-term assumptions. The first, as the New Britain Progressive reported in April, […]