Mayor Harry W. Rilling announced today that the City of Norwalk’s preliminary financial results for the fiscal year ending 6/30/2015 show an $18.6 million surplus in the city’s insurance fund.
This fund covers Medical; Liability, Auto, and Property (LAP); and Workers Compensation insurances for both the city and its Board of Education. The $18.6 million dollar surplus is 39.4% of the insurance fund’s disbursements for the year.
Mayor Rilling stated, “I am pleased to say that there will be an opportunity to reduce the insurance contributions from the general fund to the insurance fund in fiscal year 2016-17, which will reduce tax increases next year.”