The budget process for the 2014 fiscal year will begin on April 1 and be completed by the end of May, according to a schedule issued by the city.
The schedule outlines the following deadlines for New London's budget process:
- April 1: Mayor Daryl Finizio will present his initial proposal for a 2014 fiscal year budget for municipal services and the New London Public Schools
- April 2-4: the City Council will review the financial plan and revenue estimates for the fiscal year with department heads
- April 9-11: notice of a public hearing on the budget will be published and a public hearing will take place at the Martin Center
- April 15: the proposed tax rate and appropriation ordinance for the budget will be presented to the Board of Finance for a first hearing
- April 16-18: the Board of Finance will review the proposed budget with department heads
- April 29: the Appropriating Board will hold a public hearing on the budget proposal at New London High School
- May 6: the Board of Finance will present the Council with any actions on the appropriation ordinance and give the budget and tax rate a second reading
- May 6-10: the Council and Board of Finance will complete any remaining Appropriating Board actions
- May 20: the Council will hold a third and final reading on the appropriation ordinance and tax rate
- July 1: the 2014 fiscal year begins and the budget and tax rate will take effect
The process for the 2013 budget followed a similar schedule, but was extended farther into the fiscal year due to several budget challenges. The Council adopted a budget on May 30 which Finizio subsequently vetoed. The Council overrode the veto and made further budget adjustments on June 19, but this budget was defeated at referendum on Sept. 18. A revised budget was adopted on Oct. 9 and challenged again, with a referendum set for November of this year, and revised tax bills were sent out in December. The citizens' group Lower Our Taxes sued the city last week, saying the city does not have the authority to make expenditures or set a tax rate in the current fiscal year until the referendum issue is resolved.