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Tue April 22, 2014
New London Mayor: City Running Out of Cash
New London Mayor Daryl Justin Finizio has asked the state for help because the city is running out of cash, and won't be able to make its $1.7 million payroll this week.
The Day of New London reported that Finizio disclosed the problem to the City Council on Monday.
The mayor said he called Governor Dannel Malloy, and asked that the state expedite payment of $11 million in state education aid that's due to the city. Finizio said Malloy agreed to the request, and the city should be able to make its payroll by the end of this week.
A city consultant said the city's fund balance should be at least $13 million to equal two months of operating expenses, but the fund balance has withered to $400,000.