City debt
Ald. Ayalon Says $115 Million Borrowing Plan and Other Decisions Should Not be Rushed
Democratic Ald. Aram Ayalon (D-3) says the Democrats on the City Council are doing the job the people elected them to do by taking a close look at the city’s finances to make the right budget choices for the city’s future. He says that taking the time to do so is the right thing to […]
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 Rebuffs Democrats’ Call for Further Consideration of $115 Million Debt Plan
City Council Democrats called on Republican Mayor Erin Stewart to delay action on her proposal to borrow $115 million to push city debt into the future. The Council majority is seeking more public input and consideration of other options before re-structuring of finances and committing the city to long-term borrowing. While Democrats asked that the […]
Republican Ridicule Breaks Short-Lived Bipartisanship on Consideration of Stewart Debt Plan
Only hours after Republican Mayor Erin Stewart and Council Democrats had spoken in collaborative terms about the process of considering her proposal to borrow $115 million to push city debt into the future, the bipartisan spirit was broken when Stewart and other prominent Republicans openly ridiculed a Democratic Council member for a question he had […]
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 […]
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 […]
Top 10 of 2017: #3 – Budget Woes Grow With Debt, a Downgrade and Frozen Education Support
Many important stories have been covered by the New Britain Progressive in 2017. It may be difficult to name only a few articles as the top stories of the year, but there are a few the New Britain Progressive would like to share as our Top Ten. Other Top Ten stories can be found at […]
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 […]
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 […]
$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, […]
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 […]