Governor Dannel Malloy’s budget proposal, while increasing city school funding, potentially craters a number of other state funding sources for the city that would lead to a large tax increase, says Mayor Bill Finch. Statement from the mayor:
“This is an extremely difficult budget year for the State of Connecticut. The Governor should be applauded for his historic investment in education and in the areas of our state, such as our City that need it most. The budget also makes an important investment in critical infrastructure through capital improvements. This is a complex budget with many moving pieces, which we are currently analyzing to understand the full impact. Particularly, there are some items of great concern to the City of Bridgeport which include:
· the loss of Pequot Revenue, estimated at around $7 million;
· the elimination of state-owned PILOT payments which are estimated at $2.8 million; and
· the elimination of the automobile tax estimated at $17 million.
“All of these areas of concern represent substantial cuts to the City’s operating budget that funds core city services such as public safety, and public facilities maintenance services.
“If these cuts are implemented in full there would be disastrous consequences for our residents and potentially one of the largest local tax increases ever as the state tax burden shifts to our residents. I look forward to working with the Governor and the Legislature to address these issues during the next couple of months as the process plays out.”