West Haven working to submit an audit of its 2021 fiscal year budget
The city of West Haven has been put on review by bond credit rating company “Moody’s”, citing an unfinished audit of the 2021 fiscal year.
The review came ahead of a state oversight hearing on the city’s proposed 2023 fiscal year budget.
City Finance Director Scott Jackson told a state oversight panel the process is nearly complete, and a new proposal will be submitted in the fall.
“So far I think it’s working as well as it can be expected under unusual circumstances for both the city and for the auditor,” Jackson said.
The panel will then review the budget proposal before making a final decision. If the bond rating goes lower, it would make it more difficult for the city to borrow money in supporting its budget.
“We’re working with Moody's to try to identify any specific pieces of information that we can use to address that situation and maintain the rating that we currently hold,” Jackson added.
The state’s Municipal Accountability Review board had rejected West Haven’s $163 million budget proposal back in May and had set a June 15 deadline for its revision. However, the state-mandated deadline passed with no action from the city.
West Haven has been under state oversight since 2017. Last year, three city officials, including a state representative, were charged with stealing more than a million dollars in COVID-19 relief funds from the city.