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Inside The Budget Makes Brief Return

By Jeffrey B. Cohen

September 15, 2009

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The mayor's $535 million budget approved by the city council earlier this year includes a $19.1 million rainy day fund - down from $34.4 million in the adopted budget the year before.

Now, though, the books look slightly worse.

In a report presented last week to the city council, Chief Operating Officer David Panagore says that the city had to balance last year's budget with an additional $3 million unanticipated contribution from it savings account. The reason: unfinished attempts to sell city land and tax liens sales that didn't make as much money as anticipated, Panagore said.

That leaves the city with just under $16.1 million in savings for the current year.

In an interview, Panagore said that Hartford has challenges, but it's not the only city in this situation.

"Everyone is struggling right now and we need to make sure we're engaged in the best management practices" to save money, Panagore said. Because the big concern isn't this year's budget. It's next year's budget, with a projected $43 million deficit, according to the adopted budget. "That budget is the one that we need to be managing against today."

Efforts to reach budget committee chairman Councilman Pedro Segarra were unsuccessful.

To view the report, click on the link in the "Related Links" box.

Reprinted with permission of the CityLine blog of the Hartford Courant. To view other stories on this topic, search the CityLine at http://blogs.courant.com/cityline/ and the Hartford Courant Archives at http://www.courant.com/archives.
| Last update: September 25, 2012 |
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