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Redding First Selectman calls out Gov. over state budget process

Redding officials are criticizing Governor Malloy and his Budget Chief for plans to zero out municipal aid to Redding.  The state asked for financial information from all municipalities including projected fund balance and how they would plan for a lack of state budget. 

 

First Selectman Julia Pemberton says it amounts to punishment for Redding's responsible and fiscally sound approach to funding local government, schools and other services.  She added that the state would raid the town's piggy bank to help close their budget gap, and shift Redding's relatively small amount of municipal aid to more distressed communities. 

 

Pemberton called it shameful. 

 

Redding's Total fund balance for Fiscal Year 2016 was $9,306,152 and the unassigned portion of that balance was $7,139,238. The audit for Fiscal Year 2017 is just beginning so the town cannot project what it will be at the end. 

 

Pemberton says a healthy fund balance is an indicator of the fiscal health of a municipality and it's essential if they are to maintain a AAA bond rating.  A better rating means Redding pays lower interest rates for capital items when the town has to borrow.

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