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Finance committee hears fund-balance outlook, advisor says city is in solid fiscal shape
Summary
City financial staff and outside advisor presented fund-balance history and projections; officials said the city's operational fund sits near $19.3 million after statutory adjustments, supports a double-A rating, and that one-time emergency spending (including a possible $500,000 church repair) is generally appropriate from reserves.
The New London Finance Committee heard a detailed presentation on the city's fund balance and credit-rating considerations from David McBride (director of finance) and Mark Chapman (financial advisor).
David McBride walked the committee through spreadsheets showing a nominal fund-balance figure of about $24.7 million for fiscal 2024 and explained routine adjustments (board of education non-lapse funds, accruals, stabilization funds) bring an operational figure "to arrive at a $19,300,000 number." He said…
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