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Will Moody's lower Danbury's Aa1 bond rating?

Tuesday, November 15, 2011
Time: 4:35 PM

In wake of tonight's widely unknown, largely unannounced special city council meeting where the city will take two million dollars out of the fund balance to pay for the storm, this article in the Connecticut Post should sound alarm bells at city hall.


One of the major credit ratings agencies warned Monday that October's nor'easter might have taken a toll on municipal credit ratings as towns head into winter with budget shortfalls.

While not issuing any official downgrades, Moody's Investors Service said the impact on credit ratings will vary by town, but overall it's a challenge.

"The prolonged delay in the restoration of electrical service is credit negative for many Connecticut local governments given the budgetary pressure of cleanup and other costs that are due early in the winter season," the Moody's report said, citing overtime costs and the need to open emergency shelters as contributing to budgetary stress.

[...]

The costs Moody's is particularly concerned about include: the depletion of winter storm budgets; the need to extend the school year due to lost days; and the lag in payments from federal and state sources that might create a liquidity problem for the municipalities.

Colleen Flanagan, a spokesman for Gov. Dannel P. Malloy, said he understands the problem.

"Municipalities have incurred a number of expenses following Tropical Storm Irene and last month's nor'easter, which is why Gov. Malloy has been so aggressive in pursuing (Federal Emergency Management Agency) funding for cities, towns, and homeowners," Flanagan said.

Given the fact that in their Aa1 rating of Danbury, Moody's was rather critical of the mayor's use of the fund balance to balance the city budget, and the fact that we at the start of the winter season, hopefully members of the council will ask questions regarding tonight's move to use two million dollars to cover costs from the storm.

posted by ctblogger at 4:35 PM | Permalink|

1 Comments:

Two million is probably at the very low end of what the storm will cost. Didn't I hear about a six million estimate for cleaning up the downed trees and limbs?
commented by Blogger ChrisCT, 11:08 AM  

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On September 26, 2007, ten plaintiffs filed suit in response to an arrest of aday laborers at a public park in Danbury, Connecticut. Plaintiffs amended their complaint on November 26, 2007.

The amended complaint states that plaintiffs sought to remedy the continued discriminatory and unauthorized enforcement of federal immigration laws against the Latino residents of the City of Danbury by Danbury's mayor and its police department.

Plaintiffs allege that the arrests violated their Fourth Amendment rights and the Connecticut Constitution because defendants conducted the arrests without valid warrants, in the absence of exigent circumstances, and without probable cause to believe that plaintiffs were engaged in unlawful activity. In addition, plaintiffs allege that defendants improperly stopped, detained, investigated, searched and arrested plaintiffs. Plaintiffs also allege that defendants violated their Fourteenth Amendment rights when they intentionally targeted plaintiffs, and arrested and detained them on the basis of their race, ethnicity and perceived national origin. Plaintiffs raise First Amendment, Due Process and tort claims.

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CLICK HERE TO READ/DOWNLOAD MAYOR BOUGHTON'S DEPOSITION

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Danbury Area Coalition for the Rights of Immigrants v.
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3:06-cv-01992-RNC ( D. Conn. )

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NEW HAVEN REGISTER: Immigrant's 2006 arrest was flawed Danbury mayor testifies

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(12.14.06) VIDEO: Interview with Yale Law Students at FOI presser

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(09/29/06) Immigrant newspaper "El Canillita" gives best account of ICE day labor raid at Kennedy Park




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