by Thomas Breen | Aug 14, 2018 12:12 pm | Comments (17)
Five weeks into the current fiscal year, the police department’s actual weekly overtime is double what’s in the budget. The fire department’s weekly overtime is one and a half times over budget.
Continue reading ‘Police, Fire Chiefs: Overtime Budgets “Unrealistic”’
by Thomas Breen | Aug 8, 2018 7:56 am | Comments (12)
Just two weeks after the city was downgraded by two different credit rating agencies in part for using restructured debt to fund normal operating expenses, alders voted to use $10 million in restructured debt to fund shortfalls in the past fiscal year’s normal operating expenses.
Continue reading ‘Old Debt Plugs Old $10M Shortfall’
by Christopher Peak | Aug 2, 2018 11:07 pm | Comments (54)
New Haven went ahead Thursday night with a $160 million restructuring of the city’s debt, after three key players — alders who had to vote to approve it — won a commitment from the Harp administration to develop strict spending controls aimed at avoiding fiscal ruin.
Continue reading ‘Record Bond Sale OK’d; Discipline Vowed’
by Christopher Peak | Jul 31, 2018 4:32 pm | Comments (19)
Governments use a practice known as “scoop and toss” when they’re desperate for cash. It brought Hartford to near-bankruptcy.
Now, financial analysts say, New Haven is resorting to the practice — while the mayor promises she has a plan to guard against fiscal blowback.
Continue reading ‘Like Hartford, New Haven “Scoops & Tosses”’
by Thomas Breen | Jul 30, 2018 1:21 pm | Comments (2)
The city is now looking at an $11.5 million projected deficit for the fiscal year that ended June 30 — $3.5 million less than projected a month earlier.
The city credits the 23 percent reduction to the projected deficit in comparison to last month’s projections in part to unexpected savings in the police and fire department budget salary lines.
Continue reading ‘Projected City Deficit Drops To $11.5M’
by Thomas Breen | Jul 27, 2018 4:59 pm | Comments (25)
Cutting four firefighter positions and merging medical and fire response units could save New Haven over $1.7 million each year.
In the view of the fire union, it could also mean fewer firefighters available to respond to the next serious blaze.
Continue reading ‘Fixing The Budget: Fire Choices’
by Thomas Breen | Jul 25, 2018 10:13 pm | Comments (20)
One of the nation’s big three credit rating agencies downgraded its long-term rating of the city’s new and existing debt Wednesday in a report that the chair of a local independent financial review board called “sobering.”
Continue reading ‘S&P Downgrades City Credit Rating’
by Thomas Breen and Paul Bass | Jul 18, 2018 2:07 pm | Comments (14)
Mayor Toni Harp vowed to fight the Board of Alders — “perhaps” even taking it to court — if it proceeds with plans to strip $483,172 from city departments to reduce the new 11 percent tax increase.
Continue reading ‘Mayor Plays Hardball Back’
by Thomas Breen | Jul 17, 2018 8:02 am | Comments (2)
The city expects to collect at least $1.6 million in reimbursements for a sorely depleted medical fund from an insurance policy that hasn’t paid out in a decade.
Continue reading ‘City Ends Policy As It Begins To Pay Off’
by Paul Bass | Jul 16, 2018 10:45 pm | Comments (18)
New Haven has decided that rather than seek a Hartford-style state bailout to balance its books, it will refinance its debt again.
Continue reading ‘City Will Refinance Debt To Avoid Takeover’