SC Connecticut News

NEW HAVEN, CT -- This evening the New Haven Board of Alders passed an amended version of Mayor Elicker's proposed $662.7 million budget for the City of New Haven for Fiscal Year 2023-2024. Mayor Elicker released the following statement after the vote:

"This budget builds on the steady and significant progress we’re making as a city and I look forward to signing it into law. It provides essential city services and programs to residents; it invests in key priority areas like education, affordable housing, public safety, and inclusive economic growth; and it continues to tackle the systemic budget challenges like underfunded pensions and overborrowing that have plagued our city for decades. It also lowers the property tax rate for homeowners for the second year in a row to help ease the increases associated with rising property values as part of the state-mandated property revaluation that occurred in 2022.

Thanks to the hard work of so many, New Haven is in a dramatically better financial situation than it was just a few short years ago -- and, throughout this budget, there are so many indicators of improved financial health, stability, and progress. Whether it’s the more than doubling of our annual state PILOT (Payment In-Lieu of Taxes) funds from $41 million to $90 million, thanks to the leadership of our state delegation. Or the near doubling Yale University’s annual voluntary contribution $13 million to $23 million, thanks to the grassroots organizing by UNITE HERE and others. Or the increased revenue streams from a growing economy, thanks to the entrepreneurship of our residents and the investment of new and growing businesses who want to make New Haven their home. Or the rolling over of last year’s $16.9 million budget surplus that nearly doubled our depleted rainy-day fund balance to $37 million. Or the recent upgrade in our bond rating to BBB+. Taken together, all the signs are pointing to a sounder financial footing and a city that’s moving in the right direction.

I want to thank every New Haven resident who participated in the budget process and I want to thank the Board of Alders for their continued partnership in passing a budget that reflects our shared values and commitment to building a city where every year more and more of New Haveners have the opportunity to thrive.”

PRESS CONTACT:

Lenny H. Speiller; (203) 725-4249; Lspeiller@newhavenct.gov

Original source can be found here