Fiscal Stability Committee
- 7 p.m. via Zoom every other Tuesday
Agendas & Minutes
Agendas are available prior to the meetings. Minutes are available following approval, and digital recordings are made available pursuant to Governor's Orders.
To view Public Comment, please visit the Document Center.
To view the Report of the Hamden Fiscal Stability Committee, November 15, 2020, please click HERE or review the documents available for download on this page.
This fifteen member commission shall have no more than 10 members of the same political party. This three-year appointment is recommended by the Mayor, subject to the approval of the Legislative Council.
- Valerie Horsley (Chair)
- Kia Levy-Burden (Facilitator)
- Jim Pascarella (Public)
- Christian McNamara (Public)
- Cory O’Brien (Public)
- Marjorie Bonadies (Legislative Council)
- Acting Police Chief Sullivan (Administration)
- Public Works Director Cesare (Administration)
- HR Officer Brigitte Cogswell (Administration)
- Ex Officio: Mayor Curt Leng, Finance Director Curtis Eatman, Superintendent Jody Goeler, Board of Education Chair Arturo Perez
Powers and Duties
- The review and examination of the records, books and accounts of any and all of the departments and officials of the City, including the Department of Education.
- Administrative Policy Review. The review the contents of the annual audit for the purpose of making recommendations to the Mayor and Legislative Council regarding the manner and means of improving the administrative processes pertaining to the operations of the City.
- The Fiscal Stability Committee shall evaluate and recommend policies regarding tax structures, economic development, spending, debt, administrative and organizational actions and related activities to maintain essential government function and services for Hamden citizens while increasing Hamden’s fund balance and reducing long-term liabilities.
- Review Economic and Fiscal Indicators. The review of critical indicators, including, but not limited to, i. the ratio of: the general fund balance to its expenditures; long-term obligations (including OPEB but excluding pensions) to total government-wide revenues; and actuarially determined pension contribution to total government-wide revenues.
The Committee shall endeavor to develop policies and strategies, in accordance with best practices, that will ensure:
- A robust bond rating and access to capital markets;
- A reasonable level of assistance in the form of municipal aid from state and federal governments;
- An acceptable equalized mill rate;
- Sufficient funds to meet the short and long-term liabilities of the municipality including, but not limited to, the Town’s ability to meet minimum funding levels required by law, contract or court order;
- A positive fund balance percentage of 6% within five years;
- Inclusion of long-term budget projections, prepared by the Town’s Finance Department for a period of three years, exclusive of the current fiscal year in the annual budget;
- Annual review of a capital budget as required by the Charter of the Town;
- Inclusion of an annual economic outlook projects for the Town in the annual budget; and,
- An acceptable level of municipal revenue increase in fiscal year ending June 30, 2022.
The Committee shall focus its attention on accumulating documentation that will provide a foundation for recommendations addressing
- Further expenditure reductions in the FY 2020-2021 budget; and,
- Recommendations for the Mayor and Legislative Council for consideration in the formulation of a proposed budget for FY 2021-2022.
Said initial recommendations shall be due on or before November 15, 2020. Thereafter, the Committee shall continue its review outstanding issues with a mandate to issue recommendations every three to six months until November 30, 2021.
The committee shall solicit public comment by holding one or more public hearings within the first month of operation.