Financial Security
By Editor at January 15, 2024 | 9:15 am | Print
Two big announcements came this week in that the City’s $14.9 million surplus and the Bond Rating has moved to A+.
It was only two years ago when the City was in a $30 million deficit and our bond rating was lowered.
Finances are back on track just as we hire a new finance director in Lori A. Granato. It is good to know the City is financially in good shape and it is a great time to hire someone to ensure it stays that way.
The City needs that surplus to put money in the rainy day fund which was depleted by former Mayor Tim O’Brien. It should also ensure we do not have a tax increase this year.
Critics are once again stating that the surplus is a bad thing. When in reality, it is definitely a good thing.
It must, however, be watched and accounted for in the next budget year. A large surplus year after year would be of concern. Small surpluses are a necessity.
With a new finance director all of that should be in consideration and the City should be back on its way towards financial security.
The City must also be on the lookout not to raise taxes again in order to both keep businesses in the City and keep residents happy. General Electric’s bolt from the State is based solely on being a non-business friendly state.
New Britain must keep these kinds of actions from taking place. Having a surplus is a great start. Now, let’s keep things rolling.
