Finizio Budget Proposal Includes Major Reductions

Saying New London is "on the edge of perhaps the greatest economic development boom since the decline of the whaling industry," Mayor Daryl Finizio nevertheless said revenue shortfalls and other challenges will make for difficult decisions in the 2014 fiscal year.

Finizio is proposing a $81,016,213 budget for municipal services and the New London Public Schools, a $71,615 reduction from the current fiscal year. Under the proposal, the mill rate would increase from 26.2 to 27.42, or 3.09 percent.

 The proposed municipal budget decreases 2.6 percent from $41,270,423 to $40,201,547. The school budget, per the Board of Education request, would increase 2.5 percent from $39,817,828 to $40,814,666.

Finizio said he believes New London will be able to balance its budget this year and referenced development and reform opportunities such as the National Coast Guard Museum, Fort Trumbull development, and an all magnet school district of education reform. However, he said serious reductions to state and federal revenue necessitate several cuts, including the following proposals:

• A $1.4 million reduction to the New London Police Department budget
• $500,000 reductions to both the New London Fire Department and Department of Public Works
• Cuts of 50 percent to the Public Library of New London and Recreation Department and the complete defunding of the Senior Center for a total reduction of $750,000