HARTFORD, Conn. (AP) – Hartford residents are calling for the state to preserve funding for the city through a new deal aimed at paying off the city’s $550 million in general obligation debt.
City residents met Thursday over concerns that Republican state lawmakers are looking for a way to undo a subsidy bailout for the city. The Hartford Courant reports the agreement is meant to save Hartford from slipping into bankruptcy.
Democratic Mayor Luke Bronin has submitted his spending plan for 2018-2019. The $567 million budget proposal trims spending but avoids layoffs and deep city departmental reductions that were commonplace in previous budgets.
More than half of Hartford’s properties are tax-exempt, hobbling city efforts to raise new revenue.
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