Login  /  Register  | 3 premium articles left before you must register.

New London City Council looking to hire auditor to check for balanced budget

By Kathleen Edgecomb

Publication: The Day

Published March 19. 2013 4:00AM

New London - The City Council will hire an auditor to look over the current $41.3 million spending plan to see if the budget will be balanced at the end of the fiscal year.

In a unanimous vote Monday, the council agreed to spend no more than $4,500 for the auditor's report, which is expected to take several days to complete.

"I think this is a good idea,'' said Adam Sprecace, who proposed the audit review. "I think the City Council has an important role to play in the finances of the city and we are at the mercy of the information provided to us by the administration.''

Council President Michael Passero agreed.

"I don't see any harm in getting a second opinion,'' he said. "We can put a fresh set of eyes on the books. ... It's a very modest amount of funds spent to secure the financial stability of the city."

Mayor Daryl Justin Finizio has told the council he is doing all he can to curb spending so that there will be no deficit in the 2012-13 budget year, which ends June 30.

The mayor is expected to present the 2013-14 budget to the council in April, but warned that the city is facing a possible a possible $2.7 million drop in revenue, based on the governor's proposed state budget and decreases in local revenues.

News by Town

Most Recent Poll
New York City Mayor Michael Bloomberg, who unsucessfully took on super-sized sodas, has proposed a law that would require stores to keep cigarettes behind a curtain or otherwise out of view. What do you think of his latest public-health inititative?
As someone trying to quit smoking, I think it's a good idea.
Young people will be less tempted; I support it.
I think it's unAmerican and a step toward tyranny.
It's a silly idea that won't affect smoking rates.
It's ridiculous. What's next? Putting a brown-paper wrapper on butter?
Number of votes: 912

No current items found