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Mayor Martin’s stealth tax and spend increase (how conservative revenue estimates and spending annua

In Fiscal Year 2018–19, the city raised property taxes, on average, by 1.9%. When the books were closed on the fiscal year, the city found itself with a surplus of $14.3 million. How did this happen? Two primary reasons. First, the Board of Representatives raised the fee for building permits for large developments. So, it appears developers sped up their applications for permitting before the increase became effective, as development fee revenue was more than double the city’s projection. Second, and more generally, the city takes a conservative approach to estimates for fee revenue and other grants, so that the numbers listed in the Mayor’s proposed budget are lower than the city actuall

Board of Finance to Mayor Martin and Superintendent Tamu Lucero: cut your proposed budget by 10%

Board of Finance directs Mayor Martin and the Board of Education to work within tax and revenue projection that is $35 million less (~6%) than last year’s receipts and $65 million less (~10%) than the Mayor’s proposed projection In an ordinary year, the Board of Finance sets the city’s expenditures, which are subject to further reduction by the Board of Representatives. Then, it makes revenue estimates for fees, services, and grants, and sets a reserve for property taxes assessed but not collected. Finally, the Board of Finance determines what mill rate is necessary to keep the budget in balance. In an ordinary year, revenue estimates and assumed property tax collection rates do not affec

Coronavirus could cost Stamford $5 million or more in unpaid property taxes

The Advocate brings word of the chaos coronavirus has brought to municipal budgeting at home in Stamford. Unsurprisingly, the city’s revenue projections are highly uncertain. In 2019, as set forth in our CAFR (short for “Comprehensive Annual Financial Report”), the city took in almost $700 million in revenues (at p.30 of the linked pdf). 75% of that—or approximately $535 million—came from property taxes on residential and commercial property owners throughout the city. About 15% is “operating and capital grants,” a number which appears highly variable year to year. And another 10% is charges for services, investment earnings, and other sources. Each year, one of the many responsibilities

Local bio company seeks COVID-19 donors nationwide ($200 per donor)

[This post has been modified since it was originally posted.] A Stamford friend—who is CEO of Biological Specialty Corp., a company specializing in control and disease state samples human samples, cell products, blood and other biofluids—writes that his company is "in urgent need of COVID-19 positive donors" as they are working with pharmaceutical, biotech, vaccine, and diagnostic companies who need blood products from positive donors. They are utilizing a mobile phlebotomy company that will come to your house in full PPE. The whole process should take about 30 minutes, and donors will be paid $200 each. They are looking for donors throughout the United States (as well as the United Kingdom

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