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.
City Considers Adding $30 Million Debt to Cover Deficits
Once again, under Republican Mayor Erin Stewart, the city is considering borrowing to cover the cost of city spending, now with a $70 million proposal.
Council Leaders Urge Public to Attend Hearing
City Council leaders are encouraging city residents to attend the public hearing that it is holding on Republican Mayor Erin Stewart’s budget plan.
City Budget Hearing Scheduled
The City Council has announced the date for the hearing that will be held for the public to comment on Republican Mayor Erin Stewart’s city budget plan.
Top 10 of 2018: #6 – $115 Million Stewart Debt Plan to Push Costs to Future
Mayor Stewart’s plan to borrow $115 million was seen as the result of her pushing debt into the future to artificially lower costs during her administration
Stewart Proposes Debt Plan
Republican mayor Erin Stewart is proposing a new borrowing plan and has called the City Council into a special meeting to consider her proposal.
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 […]
City Council Budget Hearing to Be May 1st
The New Britain City Council has announced that it will hold its annual budget hearing on May 1, 2018. The hearing is to allow the Council to hear people’s opinions on the city budget before the Council makes its decisions. “During the public hearing,” the Council’s press release says, “residents are encouraged to voice their concerns regarding […]
Stewart Proposes “Huge Tax Increase” Despite Claiming “No Tax Increase”
Republican Mayor Erin Stewart’s budget includes what is being called a “huge tax increase,” despite her own claims that her budget is a “no tax increase” budget. Stewart’s press release on her budget proposal says that she, “presented to the Common Council a $237.72 million budget for 2018-19 that calls for no tax increase and […]
Council Approves Scaled-Down Version of Stewart Borrowing Plan
The City Council has approved a $99 million, scaled down version of Republican Mayor Erin Stewart’s original plan to borrow $115 million to push city debt into the future. While tension had risen last week, after reports, called, “misleading,” and, “inaccurate,” that a debt deal had already been concluded, discussions reportedly continued right up to […]
City Journal Story on Debt Deal Called Misleading and Inaccurate
The article in the Republican-allied New Britain City Journal on a deal related to Republican Mayor Erin Stewart’s controversial proposal to borrow $115 million to push city debt into the future is misleading and inaccurate, according to the Majority Leader of the City Council, Ald. Carlo Carlozzi, Jr. (D-5). On March 22, 2018 the City Journal published an article, […]