We have implemented a program to foreclose on tax delinquent properties.
We have instituted several financial polices to preserve, build up and protect our rainy day fund.
Every budget in the past 3 years has been fiscally responsible, using generally accepted accounting principles and balanced budgeting.
The last two budgets have had General – more... Fund operating budget surpluses, only the first time in over 12 years this consecutive budget surplus has occurred.
Over the last three years we have eliminated the irresponsible use of the rainy day fund.
My administration has put into place a long-term plan to grow the Town of Stratford rainy day fund to credit rating agencies recommended target levels.
Over the past three years my administration has utilized responsible debt planning.
My administration’s stated goal is that debt not exceed 7-10% of operating expenses for infrastructure and capital equipment needs.
The past 3 years has seen my administration’s strong commitment to infrastructure and capital equipment needs achieved through an annual update of a Five Year Capital Improvement Plan.
We have implemented and utilized Pay-As-You-Go financing for smaller capital purchases.
We have implemented cost effective leasing for municipal fleet needs that allow for the acquisition of alternative fuel, hybrid and ultra low emission vehicles.
The Town’s financial management has so improved over the past three years that both Moody’s and Standard and Poor’s have favorably commented on it.
Two years ago Moody’s removed the Town’s negative outlook on the Town of Stratford’s bond rating and just this last December Standard and Poor’s upgraded the Town’s bond rating, in the middle of the Country’s current financial crisis, citing the administration’s proven accomplishments over the past three years.
In continuing my administration’s commitment to fiscally conservative budgeting and sound management practices I recently presented my Proposed Fiscal Year 2010 Operating Budget.
My proposed budget calls for NO INCREASE in property taxes. This ZERO tax increase budget will provide immediate and necessary relief to Stratford’s taxpayers by freezing the property tax rate.
My administration has offset the rising cost of public services with cost reductions in strategic areas. My proposed operating budget is based on all non-union employees and all union employees, both from the Town and Board of Education, accepting a zero percent salary and wage increase in order to maintain existing staffing and service levels.
I have met and continue to meet with the leadership of the municipal employee unions to discuss the local impact of the national and state economic downturn and my desire to work in partnership with them in order to deliver tax relief to all of Stratford’ s taxpayers.
My proposed operating budget for the Board of Education increases by $985,940, or 1.13%, education expenditures in order to maintain current educational service levels for our children. This budget preserves the Board of Education’s ability to educate our children and does not reduce core educational services. It also preserves after-school enrichment activities for all students.
My budget proposal has enabled me to present a budget that will achieve my stated goal of no tax increase while maintaining a high level of service to all of Stratford’s citizens.
In the area of economic development our Grand List continues to grow. It now exceeds $4.6 billion dollars.
My administration has developed a multi-year plan to fuel a rebirth in Stratford’s economy by focusing on some of the larger economic development opportunities such as:
The Army Engine Plant Redevelopment;
The Shakespeare Festival Theater Restoration;
The acquisition of the Sikorsky Memorial Airport;
The creation of an Economic Development Corporation for Brownfield rehabilitation; and
The improvement of the streetscape of Barnum Avenue, our portion of U.S. Route 1.
We have created a new economic development guide that you have all been given this evening to help market the Town of Stratford to new businesses.
The Town continues to draw owners of all types of businesses including medical, personal, household services, professional services, retail, wholesale and dining establishments.
The Town closed the calendar year of 2007 with the highest amount of commercial, industrial, retail and office building permits issued for a seven year high of over $23 million dollars.
While 2008 was not as robust as 2007 in terms of commercial development the calendar year 2008 ended with a total of over $7 million dollars of commercial, industrial, retail and office permits being issued.
Major retail chains opened during the year to include the Big Y and BJ’s Wholesale Club.
The former Stratford Army Engine Plant was auctioned by the Department of the Army to a successful bidder with potential development of bringing the film and digital media industry to our business community. Closing is scheduled to take place in the next two weeks. Once the real estate closing occurs the property will be placed on the Town’s tax roles and the environmental cleanup will commence thus transforming this environmentally challenged and economically dormant property to a new economic engine for the Town of Stratford and region.
Major companies have joined our business community during the past year.
Most notable addition is LaSpeziale, the world’s third largest manufacturer of espresso and cappuccino machines, headquartered in Bologna, Italy.
New construction projects were completed with the opening of the new 118,000 square foot North Town Center on Hawley Lane, the 82-suite Comfort Suites on South Avenue and Stratford Land Development completed its 117,000 square foot facility on Long Beach Boulevard.
Volo Aviation broke ground for a multi-million dollar construction project at Sikorsky Memorial Airport to include a new terminal and hangers. The millions of dollars invested into the infrastructure of the airport will help create jobs and reshape the area where the Engine Plant, airport and Lordship Boulevard is a major business corridor. – less – More from ZoomInfo »
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