FOR IMMEDIATE RELEASE
SEPTEMBER 15, 2015
CONTACT: ROBERT BARRON, ACTING DIRECTOR OF FINANCE, CITY OF NORWALK
NORWALK ADDS $4.8 MILLION TO ITS RAINY DAY FUND, ENSURING CONTINUED FISCAL STABILITY
Mayor Harry W. Rilling announced today that the City of Norwalk’s preliminary financial results for the fiscal year which ended on 6/30/2015 show an increase of $4.8 million to the city’s unassigned fund balance, or rainy day fund. This increase is due to $3.4 million more revenue collected than the city’s operating expenditures and a $1.4 million reduction to the assigned fund balances for the city and its board of education.
The city’s $39.4 million total unassigned fund balance contributed to the Aaa/AAA bond ratings the city received from rating agencies for both its July and September 2015 bond issues. This is the highest rating possible and allows Norwalk to secure the lowest possible interest rate on the money necessary to fund its annual capital expenditures, which have averaged $22.0 million in recent years. Capital expenditures fund critical city services such as paving, sidewalk repair, traffic and storm water management, and police and fire fleet vehicles, as well as maintenance and improvement of parks, bridges, and other public infrastructure.
Norwalk is one of only 18 municipalities in the state of Connecticut that received Moody’s Aaa rating. The City also received AAA ratings from Fitch and Standard & Poor’s rating agencies in July of this year.
Mayor Rilling stated, “I thank the office of the Tax Collector, headed by Lisa Biagiarelli, for collections that exceeded expectations by $3.1 million, and all city department heads who operated at or below their budgets for the year; a practice I have strongly encouraged. I also want to acknowledge that Building Permit and Real Estate Conveyance revenues both came in about $0.2 million greater than plan, and are key indicators of investment in the community and the future growth of its grand list. We are in excellent shape.”