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MAYOR BRONIN OUTLINES CITY’S FISCAL CRISIS (“Very Difficult, Very Painful Changes” Necessary to Address Structural Deficit in FY16 and Beyond)

(February 23, 2016) This evening, Hartford Mayor Luke Bronin outlined the City of Hartford’s fiscal challenges at the Hartford Public Library during remarks kicking off the People’s Budget Workshops, which provides an opportunity for residents to participate in the Budget process.  
 
Mayor Bronin stated, “The City of Hartford has had a large structural budget gap for years, but it’s been hidden with one-time fixes like selling parking garages and raiding reserve funds, while taxes climbed higher. We can’t do that anymore. We have a responsibility to build Hartford’s future on a solid foundation, and there’s no way to do that without making some very difficult, very painful changes.” 
 
According to current projections, Hartford is facing a shortfall of approximately $9 million in the current year, despite approximately $12 million of unexpected revenue from a bond sale in 2015. The city faces a gap of approximately $32 million in the upcoming fiscal year, beginning July 1. The gap is projected to grow to over $48 million in FY18 and over $63 million in FY19, absent significant changes to the City’s cost structure.  
 
“The decisions we make in this year’s budget will determine whether Hartford is once again a healthy, growing city, or whether we accept a future of decline. I refuse to accept decline, and that means we need to tackle our challenges head-on,” Mayor Bronin said.
 
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