Early Forecast Shows Hartford With Deficit of 70 Million Dollars
It’s not a pretty financial picture coming out of the capital city.
Preliminary forecasts show hartford with a 70-million-dollar budget deficit in the next fiscal year’s budget. According a release out of Mayor Pedro Segarra’s office, the primary reason is a fifty-percent increase in pension and health insurance costs.
Also, city officials say Governor Dannel Malloy’s proposed two-year budget means a 7.6-million-dollar revenue reduction for the city.
And even though Malloy’s proposal to do away with the car tax wouldn’t take effect until next year, officials say Hartford could lose between 17-million and 18.7-millionollars in future revenue.
Segarra adds that they’ve done more with less in the past and will have to get creative in trying to grow the city’s grand list…