Bridgeport legislative delegation applauds governor's signing of H.B. 7296July 7, 2017
Bridgeport and its taxpayers will receive some relief needed to help steady the city’s financial footing after Gov. Dannel P. Malloy signed House Bill 7296, “An Act Authorizing the Funding of Unfunded Accrued Municipal Employees’ Retirement System Liabilities by Municipalities” into law.
The bill was signed by the governor July 6.
Through this legislation, Bridgeport will be able to restructure a portion of its unfunded pension liabilities, saving city taxpayers an estimated $2.8 million per year – the rough equivalent of half a mill in taxes.
This savings is achieved by borrowing at a lower interest rate. Bridgeport taxpayers are projected to save more than $70 million over 26 years.
The Bridgeport legislative delegation thanks Gov. Malloy for his continued support to improve the city’s economic climate.