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This evening, Mayor Ganim and the Bridgeport City Council approved the  2024-2025 fiscal year general fund budget. The new budget highlights key points which are  regarded as vital to city government, as changes have been made to maintain the City’s fiscal  stability while tending to the needs of Bridgeport residents. 

Mayor Ganim stated, "It’s my pleasure to let Bridgeport residents know that we’ve passed  another successful budget. The budget for the new fiscal year continues to hold the line on taxes  while funding crucial areas of city government such as hiring 100 new police officers, providing  tax relief for seniors, and providing more funding for education. These budget plans are also  pushing the promise of improving the quality of life for our residents in areas like hosting  another year for our Household Bulk Pickup program and committing to road repairs. As we start  a new fiscal year in Bridgeport, I can assure that our residents will receive the services they  deserve while maintaining our City’s fiscal stability.” 

Many of the significant factors of the 2024-2025 fiscal year budget includes the mill rate not  being increased for the new fiscal year and is partnered by a major expansion for tax relief for  property owners who are seniors or disabled. Eligibility for seniors and disabled residents has  risen to $75,000 for yearly income with these communities now being able to receive up to  $1,300 in tax relief based upon their income level, significantly broadening the range of residents  who are able to receive this service. 

Significant resources will be placed into permit and inspection operations, which includes more  funding for fire marshals, health inspectors, and zoning inspectors. Resources will also be placed  in other divisions throughout Bridgeport as police personnel will receive funding for new classes

to promote increased community policing. These funds are also to be used to support the joint  initiative between Mayor Ganim and the Bridgeport Police Department to hire 100 new police  officers to the department. 

Another key factor to be taken from the new budget is the direct improvements to quality of life  the budget will provide. The Bridgeport Board of Education has received a significant raise in  funding from both the City and State, with City funding being increased by $3 million, totaling  to a $15 million increase over the last 6 years. This increase compliments the approximate $20  million increase in State funding throughout the last 6 years. The Capital Plan will further benefit  Bridgeport schools by improving school HVAC systems and will respectively provide more  street paving, fire and sanitation trucks, parks and golf course improvements, and funding aimed  at local economic development.

BRIDGEPORT, CT — The City of Bridgeport's Finance Department has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada, city officials announced.

The department received the honor for its annual comprehensive financial report for the fiscal year that ended June 30, 2021. The award was presented to finance last month, marking the 15th year the city has received the award.

"I’m pleased to hear that our Finance Department has once again been recognized by the Government Finance Officers Association," said Mayor Joseph Ganim in a statement. "I applaud the Finance Department for its utmost dedication to achieving high standards in financial reporting and commend everyone for their unwavering hard work."

From the city's announcement:

In 1945, the GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program to encourage state and local governments to exceed the minimum requirements of accounting principles when preparing annual financial reports. The Certificate of Achievement is the highest form of recognition in government accounting and financial reporting for a fiscal year. The City of Bridgeport’s financial report was judged by an impartial panel to meet the high standards of the program. According to the GFOA, reports should demonstrate a “spirit of full disclosure” top clearly communicate its financial story and motivate potential users to read the report.

Moody's upgrades City of Bridgeport, CT'S GO Bond rating to A3 from Baa1; outlook revised to stable

New York, August 09, 2022 -- Moody's Investors Service has upgraded the rating on the City of Bridgeport, CT's general obligation bonds to A3 from Baa1. The city has approximately $900 million of outstanding obligations. The outlook has been revised to stable from positive. Moody's has also assigned an A3 rating to the city's General Obligation Bonds, 2022 Series A. The bonds have an expected par value of $23.1 million.

Please view the full press release below.