(CBS Connecticut) — The three largest insurance companies in Hartford today announced they will donate $50-million to the city spread out over the next 5-years.
The money will come from Aetna, The Hartford, and Travelers.
Hartford Mayor Luke Bronin says this will help the city government’s financial situation by $10-million per year.
“The intent of this commitment is that it will relieve some of the budgetary burden that the city bears today, Bronin said. “For example, if the companies make direct payments to the Hartford Public Library, that is money we don’t have to build in to the Hartford city budget.”
Bronin says the money comes with the condition that the city make its finances sustainable in the long-term.
The mayor has often said that a sustainable solution to the city’s deficit problems needs to be broader than just the city.