[{"_1":2,"_98":-5,"_99":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,74,86],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":44,"_46":47,"_48":49,"_50":51,"_52":53,"_54":55,"_56":57,"_58":59,"_60":61,"_62":63,"_64":65,"_66":67,"_68":69,"_70":67,"_71":72,"_73":72},"mediaId",5984709,"mediaKeyId","5772588-f7ec04557c3f131f33f8a935e8f9f289","parentId",5772588,"title","City reaffirms AAA rating, sells bonds at 3.69%; BET hears fund‑balance and $2M+ retro wage update","audioSeconds",0,"startMs",2408000,"endMs","viewUrl","/Search/View?dp=1&key=5772588-f7ec04557c3f131f33f8a935e8f9f289&start=2408&end=2408","thumbnailUrl","https://assets.pipeline.soar.com/5772588-f7ec04557c3f131f33f8a935e8f9f289/thumbnail_2408000.jpg","articleUrl","/articles/5984709/Norwalk-City/Fairfield/Connecticut/City-reaffirms-AAA-rating-sells-bonds-at-369-BET-hears-fundbalance-and-2M-retro-wage-update","mediaUrl","https://secure.pipeline.soar.com/5984709-e2fe548a29ff6bbfd3c1eb1d243f1264/orig.mp4?Expires=1771183928&Signature=JpoenmTMNcxr1LMHtqYVZoW1IOAKgBzSISv8ir6~rjmvOeCk608Pr~KMJPNPxAOlTsnaRMo3rVtJ2CrmzvrhuncEgqChFS1DE3A3HAfZfv7mgTS14hWcegLjsxNTB-vXQgI6pegsofq9h-SZqdPKD-NKsbiL9wZHCjg4Wx1OPuTVTz1~y4vAKsN68XsFBoVNAx-eWTvAQuidLxAkbqx7jiJUG78zy273gIGwTDoYkf49iCJ6jUIcwz3H6Qho8Npm4jrpJ~q3VAdXsz9TD-TW8JqsdtrXTc6S4-UcSmTg529c-ekQohhGHt8hXE1rmaucTysOVC1mwZtgX0fB9v32vA__&Key-Pair-Id=KUT5TJCACFTXG","author","Norwalk City, CT","date","2025-09-15T23:57:06Z","article","City finance staff reported on a recent bond sale and related budgetary developments at the Board of Estimate and Taxation meeting Sept. 15.

Jared summarized the financing: \"We had the AAA rating or reaffirmed, stable from both, from both their rating agencies, Moody's and S and P,\" he said. The city sold bonds on Sept. 3 in a competitive process that produced 15 bids; the offering priced at a 3.69% interest rate on general obligation bonds. The bond par amount was $53 million; bond premium of about $2.5 million reduced the net amount issued closer to $50 million. Staff said maturities were matched to project useful lives, with an average life around 11–13 years and longer maturities (30 years) allocated to school projects.

Staff flagged fund‑balance pressures and timing issues that affected FY25 results. Jared said the city will end FY25 with a roughly $3 million operating deficit that reduces the general fund balance from about $86 million to approximately $75 million. He cited timing as a key reason: some anticipated revenues, including tax‑sale receipts and a property sale related to a development deal, posted in different fiscal years. He also noted that a separate development payment of about $3.3 million will be realized in FY26, offsetting prior shortfalls.

On labor negotiations and retroactive pay: staff said most retroactive wage payments tied to recently approved labor contracts already went out. \"The retro payment was over 2,000,000,\" a finance official said, adding about 98% of retro payments had been issued with the remainder expected in the following week. Officials said contingency held funds were intended to absorb retro payments and that they are analyzing whether transfers from contingency to departmental budgets will be necessary; they said their current plan is to shift money from contingency rather than cut departmental services.

Staff also discussed longer‑term revenue drivers. Several development projects — including the mall redevelopment — are structured with phased tax abatement schedules. Staff said some projects will ramp up assessed value over the next two to three years and increase recurring revenues, and they are meeting with the Office of Policy and Management in Hartford about requirements tied to a separate state aid increase before certain funds will be released.

This item was informational; no Board vote was required. Members asked for follow‑up materials showing the full fiscal impact of the labor contracts, the final tally of retro payments, and updated fund‑balance projections ahead of upcoming budget reviews.","mediaType","Video","parentTitle","Board of Estimate & Taxation 09-15-2025","oneSentenceSummary","Finance staff told the Board the city’s AAA rating was reaffirmed by Moody’s and S&P, and a $53 million bond sale priced at a 3.69% interest rate; staff also reported FY25 retroactive wage payments exceeded $2 million and that the city expects a roughly $3 million deficit for FY25 to be covered in part from fund balance.","taxTitle","Norwalk City, Fairfield, Connecticut","taxId",4245,"location","headline","","shortSummary",{"_33":75,"_35":36,"_37":38,"_39":76,"_41":77,"_43":78,"_45":79,"_46":80,"_48":81,"_50":82,"_52":83,"_54":55,"_56":57,"_58":84,"_60":61,"_62":63,"_64":85,"_66":67,"_68":69,"_70":67,"_71":72,"_73":72},5984714,"Board approves three transfers: FOIA software, fuel shortfall and interim parks electrical work",266,265000,531000,"/Search/View?dp=1&key=5772588-f7ec04557c3f131f33f8a935e8f9f289&start=265&end=531","https://assets.pipeline.soar.com/5772588-f7ec04557c3f131f33f8a935e8f9f289/thumbnail_265000.jpg","/articles/5984714/Norwalk-City/Fairfield/Connecticut/Board-approves-three-transfers-FOIA-software-fuel-shortfall-and-interim-parks-electrical-work","https://secure.pipeline.soar.com/5984714-c4c9ff1c8b6545058eb8e362b1c4c702/orig.mp4?Expires=1771183928&Signature=Th7r~EaEr8p0jMjEviMyNQ2fPPeP51b-OAvb0Jhz5Sb98fYUI0eWFHGuJKm0AnVLjf~i2Td0PWaVKhDc-vncRm~fIFlfFFtG-CLa9jbmcJtZa8kR11NBGl0b9yhnl44ISfMW9MwFN5i6WJTnfAY6WjvtRGco7U8CPGDgdsRKVJ8aub7BK1kbFQ6SYRc8rBsyLE7HSPk6GObCi9M11OQJLl6x49tY2wf6157XgRuzm0LnjZZrKGCjGWidiyjmZ7W~F9BZgRLLtTbA2xWHZnlpT45v6HEnlCNKhV11bAA77VNJfD-iaUG-UlFaFBtbwLxlDxvtxBqkbRBwsjjDU4UVrg__&Key-Pair-Id=KUT5TJCACFTXG","The Board of Estimate and Taxation approved three operating transfers on Sept. 15 covering a city clerk software subscription, a fuel shortfall in Public Works and a temporary reallocation in Parks and Recreation.

The City Clerk \"It's working very well,\" said Irene, describing the FOIA tracking platform. She told the Board the city switched to software that funnels and logs all Freedom of Information Act requests through the clerk's office, which reduced missed requests and the city’s exposure to fines. The Board approved a $13,000 annual licensing fee to keep the FOIA tracking system in place; staff said they will include the line item in the FY27 budget to avoid future mid‑year transfers.

Public Works asked the Board to retroactively approve an FY25 fuel payment processed when the financial system (Munis) was shut down in mid‑August. Staff explained the unexpected shortfall resulted largely from switching police fleet vehicles from Ford Explorers to Chevrolet Tahoes, which staff said consume more fuel. The staff member explained the city buys fuel under long‑term contracts that produce a rate more favorable than retail, and staff plan to include a fuel‑use adjustment in the FY27 budget. The Board noted that the shortfall is a FY25 expense and that additional conversations on recurring costs will occur during the budget cycle.

Parks and Recreation requested reallocation of $47,000 originally budgeted as a full‑time electrician salary to operating supplies to pay outside electrical contractors while the department continues to recruit a permanent hire. Staff said the temporary measure covers work such as facility wiring and repairs until a competitive candidate is retained.

All three transfers were moved and carried in a single vote. Board members asked staff to include recurring cost estimates — including fully loaded salary and benefit figures for proposed hires — in future requests so the full fiscal impact is clear. Staff said the benefits line is tracked separately from wages but that full‑cost estimates can be provided in future materials.

Details: FOIA tracking annual fee — $13,000; Parks and Recreation reallocation — $47,000 moved from salary to operating supplies; Public Works fuel shortage — FY25 expense processed retroactively, staff to include adjustments in FY27 budget.","The Board approved three transfer requests: $13,000 for annual FOIA‑tracking software in the City Clerk’s office, an unbudgeted FY25 fuel payment for Public Works tied to new police vehicle consumption, and $47,000 reallocation in Parks & Recreation to pay outside electrical contractors while the department recruits a full‑time electrician.",{"_33":87,"_35":36,"_37":38,"_39":88,"_41":89,"_43":90,"_45":91,"_46":92,"_48":93,"_50":94,"_52":95,"_54":55,"_56":57,"_58":96,"_60":61,"_62":63,"_64":97,"_66":67,"_68":69,"_70":67,"_71":72,"_73":72},5984719,"Board approves $90,000 transfer to finish Station 1 floor, finds hidden electrical and plumbing damage",597,776000,1373000,"/Search/View?dp=1&key=5772588-f7ec04557c3f131f33f8a935e8f9f289&start=776&end=1373","https://assets.pipeline.soar.com/5772588-f7ec04557c3f131f33f8a935e8f9f289/thumbnail_776000.jpg","/articles/5984719/Norwalk-City/Fairfield/Connecticut/Board-approves-90000-transfer-to-finish-Station-1-floor-finds-hidden-electrical-and-plumbing-damage","https://secure.pipeline.soar.com/5984719-022893946f083a9d70413a378690991d/orig.mp4?Expires=1771183928&Signature=Pdscy9Ha02xycW1IqVmMRX4BXViCtUVq9HTX4rJzVUS8gjAevfeg59~BGsomngLmIq8hyA~oT3dWQN5YHyWM150KMYJ1eqEbdCFnbK-TTMW7H0saOjw29COrGEm0~ICxUv9pmxlaok92TVMcb9EgZV~FXuxfVo0YiLc-iSxWvYZGhedwgBaw1P5x~52rQKYAlIoOyxIfqqalRyjehWQtD2bhGcxum5tLhNS6HH4kpzdpTluAz5l-JTAW44ANUwnSUL0WgZqmLO6wka5Wrh2zMHsYTOp0HgscFnR6Dr2oXXoJ8WUx39lKg2~0bqBOS~b8SPvcmGEpAe39PQQ5aaYOPA__&Key-Pair-Id=KUT5TJCACFTXG","The Board of Estimate and Taxation on Sept. 15 approved a $90,000 capital transfer from the combined dispatch communications upgrade project to the Fire Department to complete floor replacement and related repairs at Station 1, 90 New Canaan Avenue.

Contractor work revealed that the original concrete slab at the Broad River station was split and contained rotted electrical wiring and a buried two‑inch waterline, increasing the scope and cost of the project. \"As we opened it up, we found a lot of electrical rotten within the slab, which was going up the walls as well,\" said Mark Conte, who presented the construction update. \"We actually found a 2 inch waterline underneath the slab as well, which we obviously have to remove.\" Conte said those discoveries and other repairs left the project roughly $75,000 short; the requested transfer including contingency totals $90,000.

Why it matters: the work was already under way because the building floor posed safety and operational concerns for fire personnel. The Board read a resolution authorizing the transfer from account 092136105777C0638 to the Fire Department account 09263110577705884 and voted to approve it, moving funds from an older bonded dispatch project that finished under budget.

Board members asked how the city would treat leftover bond proceeds and whether redirecting them required extra steps. \"We have to disclose it, and we have to go through the right process, of read of redirecting that and being able to show the, being able to show our bond counsel so that they can make note of it to the bondholders,\" said a finance staff member who described the required coordination with bond counsel. The staff presentation said the combined dispatch project originally carried a budget of roughly $13 million and closed closer to $8 million, leaving proceeds available for other authorized capital uses.

Discussion vs. decision: Board members debated broader policy on using leftover bond proceeds for other projects. One member urged that leftover funds should return to the general capital process for reallocation; staff clarified that the proceeds are bond proceeds and redirecting them requires counsel review and disclosure and will follow the multi‑step approval process (BET, Planning & Zoning, financing committee, Common Council). The BET voted to approve the resolution authorizing the $90,000 transfer; the motion was moved by a board member and the resolution carried.

Project and funding details: the project originally budgeted roughly $660,000 including contingency; the new request covers the final portion of work on the slab, electrical replacement, rotten decking and sliding door replacement, insulation remediation and removal of the buried waterline. Staff noted deductions and value engineering reduced some items (phase consolidation saved $31,000; an electrical deduction returned $3,200), but additional unforeseen conditions remain.

Next steps: staff said the transfer will proceed after the formal resolution and that they will continue a review of older capital projects to close out accounts and report back to the Board. Bond counsel will be consulted before redirecting proceeds to ensure compliance with disclosure and tax rules.","The Board of Estimate and Taxation approved a $90,000 capital transfer from the combined dispatch project to finish repairs at Fire Station 1 after contractors uncovered extensive slab damage, electrical rot and a buried waterline.","actionData","errors"]

Article not found

City reaffirms AAA rating, sells bonds at 3.69%; BET hears fund‑balance and $2M+ retro wage update

Board approves three transfers: FOIA software, fuel shortfall and interim parks electrical work

Board approves $90,000 transfer to finish Station 1 floor, finds hidden electrical and plumbing damage