Mayor Daryl Finizio said this afternoon that the city is $345,000 closer to closing a budget gap for this fiscal year. Finizio said the city will save that amount by refunding its debt for this fiscal year.
“The administration is doing all it can to clean up the financial mess we inherited and move New London forward responsibly,” Finizio said.
At recent Finance Committee meetings, Finance Director Jeff Smith has said the city has , which concludes at the end of June. However, he said the city is also $3 million short on projected revenues and an audit determined that there was a in the 2011 fiscal year.
A hiring freeze on non-essential employees, announced when the projected three-year deficit was at , remains in effect. Finizio has also asked department heads to abide by a commodities freeze.
The numbers for the 2013 fiscal year budget are expected to be released on Monday.