Bridgeport, CT – The City’s fiscal 2023 year ended June 30, 2023, on very strong financial ground, including a projected surplus of well over $4 million in the general fund. The surplus stemmed from robust revenue outcomes, which included state aid provided by the Legislature, revenues exceeding budget projections from the golf course, building permits, and interest accrued on City funds, among other income sources. In addition, over $4 million of funds were set aside and assigned to strengthen reserves for the City’s future budget needs. The City’s strengthened financial condition and growing fiscal reserves afford the Mayor and City Council the opportunity to hold the line on potentially lower taxes, increase education funding, and improve the quality of life in the City.

Expenses were slightly below budget as the Administration controlled spending while fully providing city service needs. Overall, the City’s ‘rainy day’ accumulated Fund Balance now represents over 7% of the annual budget, over double the levels of seven years ago, which is a factor in enabling the City to get higher bond ratings which results in lower interest costs when the City bonds capital projects.

The City is issuing approximately $16 million in bonds later this Fall to complete the new Bassick school and to start the new Winthrop school project recently approved by the State. In addition, over $30 million a year in American Rescue Plan funds continue to be used for new and expanded social service programs throughout Bridgeport and for projects like the rebuilding of the West End sewer plant.

“While inflation and utility hikes continue to have a negative impact on our residents’ daily living expenses, my administration remains committed to strong fiscal management. We have and will continue to responsibly manage our spending to keep taxes down for our community,” stated Mayor Ganim. “As we look forward, any surplus funds will be thoughtfully applied to areas of need in the coming year, like education and housing initiatives that exhibit our unwavering commitment to our City’s children and residents.” 

A Certificate of Achievement for Excellence in Financial Reporting has also been awarded to the City of Bridgeport by the Government Finance Officers Association. This award reflects the reporting for the 2022 fiscal year, as the 2023 fiscal year has not yet been concluded. The report has been judged by an impartial panel to meet the high standards of the program, which includes a "spirit of full disclosure" to clearly communicate the City’s financial story.