Bridgeport taxpayers expected to save millions of dollars over next several years

December 28, 2017

Bridgeport taxpayers are expected to save tens of millions of dollars over the next several years after the city was able to restructure a portion of its unfunded pension liabilities.

During the 2017 legislative session, the Bridgeport legislative delegation worked to pass House Bill 7296 which gave the city the statutory authority to issue bonds to pay off more than $83 million in unfunded pension liabilities into the Connecticut Municipal Employee Retirement System. This measure is expected to save city taxpayers an estimated $2.5 million per year – the rough equivalent of half a mill in taxes.

This savings is achieved by borrowing at a lower interest rate than the 8 percent set by the Connecticut State Employees Retirement Commission.

By alleviating some of the tax burden that is placed on our residents, we can improve our economic climate and also enhance Bridgeport's standing as a dynamic and livable city that is able to attract and retain businesses and new residents.