Saving Bridgeport taxpayers tens of millions of dollars over the next several yearsDecember 28, 2017
Bridgeport is expected to save tens of millions of dollars over the next several years after it was recently able to restructure a portion of its unfunded pension liabilities.
During the 2017 session, I introduced, and the entire Bridgeport legislative delegation worked to pass, House Bill 7296 which gave Bridgeport 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.