As all other communities, Bristol has approached this budget session with great anxiety and lots of hope.
Concerns with regard to State appropriations to municipalities, the new budget structure, reduced revenues and increase costs such as fuel and energy, have kept us vigilant and focused on our own budget process.
We continue to review our current revenue estimates, streamline government services and conservatively initiate fiscally responsible financial policies by instituting items such as:
1. Elimination of 40 full time positions through attrition for a savings of over 2 million dollars
2. Realizing a 0% mill rate increase by responsible budgeting
3. Continuation of the “Boot” program which has garnered $489,216.00 dollars in delinquent taxes while sustaining a tax collection rate of over 98%.
4. Our grand list was flat, but is showing signs of improvement.
5. We continue our efforts for fuel and energy conservation by monthly monitoring through the Mayor’s office – realizing monthly savings of over 1,000 gallons of fuel this Mayas compared to last May, as an example.
6. Overtime, conferences and travel are still frozen with consideration only given to attendance resulting in certification and accreditation.
7. Maintenance of our present AA² Bond rating classification resulting from our June presentation to Fitch, Moody’s and Standard and Poors – citing “strong financial management.”
8. Initiating GASB 45 as a result of over funded pension assets reducing the mill rate by 1.1 million dollars
Economic development has continued to benefit the City with:
1. Rt 229 widening project completed
2. Rt 72 project open for traffic and nearing completion
3. Depot Square/ Renaissance project enhancement with extraordinary public input of ideas, suggestions and participation
4. Southeast Industrial Park initiative to attract tenants with planned expansion project for 2nd tenant, previously known as Bland Manufacturing
5. Continued ESPN expansion
6. Growth at Clark Western hiring of 30 more positions
7. Lake Compounce expansion continues and introduction of new rides
8. Expansion of DuPont Archives to double the initial size
9. Recent news of the potential Clarion Hotel Renovation resulting in becoming a Hilton Brand facility
10. The completed West End Study which will now result in implementation of improvements to the West End of Bristol
We have just been notified of our being awarded a part of the Department of Labors 38 million dollar grant for “Green Jobs Innovation: which will assist us in providing education for workers desiring to enter into green energy occupations.
South Mountain construction is progressing and the potential exists for a possible user of the acreage at Route 6 and North Main Street. Main Street streetscape improvements are nearing completion.
Brownfields challenges are being discussed and addressed with the CT Development Authority and other authoritative entities.
The city financials continue to be strong. Our reserve fund is healthy, our outstanding debt is modest. The City tax collection rate has been quite strong during the last ten fiscal years. This has eased the burden on taxpayers and provided the City with a reliable revenue stream enabling us to have the ability to avoid large, unaffordable tax increases.
We will be undertaking a study to evaluate the potential for the consolidation of certain services between the City of Bristol and the Board of education as a means to save money and increase efficiencies.
We will continue to take the necessary positive steps to work in conjunction with the Board of Education, our City departments, our employees and our vendors to assure that Bristol remains a most viable, responsible, affordable and sustainable community.
I am proud to say that Bristolites are resilient, Bristolites are committed to the City and Bristolites will ensure the future of this community for one and all.
Thank you.