The Closing of the budget short fall by transferring $10.5 million from the water Department, as a loan, by the transferring the water department's bonding liability to the city for which the city has to make two annual payments of $400,000.
This answers the immediate city's financial problems until the end of this fiscal year by reducing the approved budgets to all departments effective today which will stop their already approved budgetary spending.
This is a great way in ending the fiscal hemorrhage however, what horrendous financial gap will the city face with its next fiscal annual budget, will it require to raise taxes?
Having such a large surplus means that the water department has been overcharging us. They should give the money back!
ReplyDeleteThe Congressional Budget Office (CBO) released a report offering an analysis of the last three years of the American economony.
ReplyDeleteThe Congressional Budget Office writes that America’s unemployment rate has exceeded 8 percent since February 2009, making this the longest stretch of high unemployment since the Great Depression of the 30's.
To make matters worse, unemployment will remain above 8 percent until year 2014. And the level of long-term unemployment - those looking for work for more than six months - is over 40 percent, the highest since at least 1948, when that data was first collected.
Why have a special meeting to do this when the budget process requires a reconciliation of all funds when the fiscal year is closed in September.The only reason was to not allow the public to speak and stop these isiots from doing this illegal move!
ReplyDeleteNEW BRITAIN - “It’s business as usual,” insisted Jim Guida . “We’ll remain where we are; everybody keeps his job.”
ReplyDeleteHowever, there is one less independent dairy in New England. A farmer-owned cooperative, Dairy Farmers Of America, Inc., Kansas City, Mo., purchased Guida’s Milk and Ice Cream for an undisclosed price .
For years, the Guida family resisted the temptation to sell. It remained a privately owned company. However, according to Jim Guida, executive vice president, the family had been considering selling the business for several months.
With O'Brien and Sherwood in city hall we should change the name from hardware city to dumbbell city.
ReplyDeleteIt appears that the lawyers who helped set up this raid on the Water Dept's accounts were hand picked by the governor's chief of staff Andrew McDonald.
ReplyDeleteThe Guidas had to move quickly close the deal before the buyers learned who was running City Hall.
ReplyDeleteNo one in their right mind would be willing to buy a property in a city run by such a radical socialist regime.
ReplyDelete