Hartford Mayor Luke Bronin and his budget director, Melissa McCaw, met Tuesday with members of the MetroHartford Alliance, warning again that bankruptcy is possible unless state legislators approve additional funds for the city. <\/p>\n
\"What happens if we don't get it? I don't think there's a responsible solution that we have, and that's why I have not, and will not, take bankruptcy off the table,\" Bronin said. <\/p>\n
MetroHartford President Oz Griebel commended the mayor for restoring \"structure\" to the city's budget, and for providing a foundation for the city to debate its return to fiscal health. City leaders met with the business group to discuss Hartford's fiscal problems, including a projected deficit of $49.6 million. <\/p>\n
Hartford approved a $612.9 million spending plan in late May, but the budget's uncertainty will continue until Connecticut approves its state plan and decides how much money to give Hartford. The city is expected to get $258.4 million, but city officials are counting on an additional $40 million from the state. <\/p>\n
State legislators and the governor who have been unable to agree on a strategy for overcoming the state's projected $5 billion budget deficit have yet to respond to Hartford's request for additional state assistance. <\/p>\n
The mayor identified the city's lack of taxable property as the root cause of its fiscal trouble, and repeated his assertion that Hartford does not have an independent path back to solvency. It must get support from the state and its regional neighbors, he said. <\/p>\n
Alliance members expressed frustration that surrounding communities have been reluctant to help the city, and skepticism that the state would come through. Bronin empathized with their position as well. <\/p>\n
\"What we're asking legislators to do is to vote for a budget that cuts their own town, in some cases pretty significantly, to give the city of Hartford [more money],\" Bronin said. \"That's a tough case to make, even if I think it's the right thing to do.\" <\/p>\n
Bronin said he has tried to speak with as many stakeholders as possible in discussing the budget, and that the conversation must remain focused on a long-term solution. <\/p>\n
\"Where we are now is exactly where we said we would be a year ago,\" Bronin said. \"If we can solve for this year, and can solve it in a way that's built on a new relationship with the state of Connecticut, then we have some room where we're not in the same position next year.\" <\/p>\n
Bronin clarified after the meeting that a solution wouldn't rely only on state aid: It would include labor savings, and the city would still have to prepare for a large debt payment spike set to arrive in three years. <\/p>\n
Hartford's budget problems won't end with a bailout this year, Bronin said. A long-term solution for Hartford will require additional state aid in coming years as well, he said. <\/p>\n
\"Success is not getting the legislature to say, 'OK, we'll keep you alive for another year,'\" Bronin said. <\/p>\n
The mayor displayed the city's projections for future deficits, which are expected to remain stable at around $50 million for the next three years before spiking even further. The city is projecting the deficit will rise to $83.2 million in fiscal year 2023. <\/p>\n
One audience member stood up to ask Bronin the last question of the meeting: Is he optimistic the state will grant the additional aid? <\/p>\n
\"We have to wait and see,\" he said. <\/p>\n
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Bronin Warns Business Leaders That Bankruptcy May Happen Without Additional State Aid - Hartford Courant<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Hartford Mayor Luke Bronin and his budget director, Melissa McCaw, met Tuesday with members of the MetroHartford Alliance, warning again that bankruptcy is possible unless state legislators approve additional funds for the city. Continue reading