According to Mayor Joe Ganim, Bridgeport residents won’t see an increase in city taxes in the next fiscal year that begins on July 1.
That’s thanks to a significant increase in state aid secured in the 2023 state legislative session, the mayor said at a City Hall annex news conference with Connecticut State Comptroller Sean Scanlon.
A big part of the state aid to Bridgeport is $8 million in municipal pension payments made possible by reforms to the Connecticut Municipal Employee Retirement System that was approved by lawmakers.
Despite cities and their employees making full contributions, CMERS pension debt has increased from $332 million to $1.3 billion since 2016, said Scanlon, who negotiated the deal.
“But the taxpayers are not on the hook for these egregious increases,” Scanlon said, explaining the significance of the deal. It provides $32 million in state funding in the coming fiscal year and $843 million over the next three decades to pay the municipal employee pensions.
“Their pension will be there for them,” Scanlon said. “And the next generation of cops and firefighters and workers, here in this city will have that pension that is so important to these families.”
Mayor Ganim said the deal will help keep Bridgeport taxes down.
“Not on the backs of anyone. But in partnership with all the people who made a commitment to work in public service in the city and beyond,” Ganim said
Ganim also thanked members of the city’s delegation to the state General Assembly.
Members of the delegation secured additional aid including $15 million for renovations to Bridgeport’s downtown entertainment arena, and an increase in state payments in lieu of taxes for the city's tax-exempt properties.
