| Thanks to the hard work of the Bridgeport delegation, our city will receive a $1.6 million increase in total state funding from FY 2022 to FY 2023. The city will also receive $188,956,317 in state education funding for Bridgeport Public Schools. This budget reduces the motor vehicle mill rate cap from 45 mills to 32.46 mills. For a motor vehicle assessed at $21,000, this would represent a savings of about $230. To offset revenue losses associated with this provision, Bridgeport will be reimbursed $7,069,461 during FY 2023.
The budget also includes a $129 million grant for the construction of the new Bassick High School. This represents a 78.93% reimbursement rate. The budget also re-imburses Bridgeport for the cost of purchasing land in the South End for the new school. As you know, building a new Bassick High School has long been a priority of mine. I'm hoping this re-authorized and additional funding will finally get shovels in the ground.
In addition to municipal funding, the budget package also makes groundbreaking investments in children’s mental health, increases funding for juvenile justice programs, leverages new federal funding for important programs, and invests in childcare, education, and our workforce.
This budget will:
- Cut state income taxes for retirees
- Lower property taxes on homes and cars
- Extend tax cuts for workers in low-paying jobs (EITC)
- Create a state tax credit for childcare
- Extend the 25-cent cut to gas tax and free bus service until December
- Establish a state child tax credit for income-eligible taxpayers for up to 3 dependent children under age 16
- Make a historic $4.2 billion payment to CT's pension debt, saving taxpayers considerable money
- Provide a significant tax break for businesses on unemployment insurance
The past two years have been difficult, as we've faced economic challenges through an ongoing pandemic and now record high rates of inflation. The budget plan we've put forth works to maintain our economic recovery and improve the quality of life for all residents. |
