Joshua Pothier, comptroller of Norwich, is pushing for the city to save money with the budget this year in case pensions and overtime pay ends up being a monetary responsibility. If extra money goes into reserves, Norwich's long-term bond rating will increase as well.
At present, 9.2% of the city's $118.5m budget goes toward an unrestricted fund, which is just over $10m. Pothier wants to increase the figure to 12% within the next decade and finally bringing the figure up to 17% at an unspecified date.
An ordinance was suggested by the mayor on November 3 to change how the city normally handles budget problems like going under the minimum threshold. If the reserve fund becomes less than 12% of the budget, the new ordinance would immediately put excess money into those reserves.
Pothier stated that increasing the reserve percentage rate is an elementary move to protect against liquidity, as this is the biggest threat to Norwich's funds. Since a large amount of the city's revenue is from property taxes, the budget shows peaks and troughs of income throughout the year. Save for utilities, the money is grouped into one fund. The new ordinance could help the city pay off debt, contribute towards pensions, and fund future projects.
Hiring a printing company with experience in presentation Posters can often help to get ideas like this across.
Get a Free Quote for Posters
Location
595 W. Main Street
Norwich, CT 06360
Get Directions →
Phone
Hours
Mon: 9:00 - 5:00
Tue: 9:00 - 5:00
Wed: 9:00 - 5:00
Thu: 9:00 - 5:00
Fri: 9:00 - 5:00
Sat: Closed
Sun: Closed