HARTFORD – The city is asking for millions of dollars from the state to pick up some of its debt, as the city is just weeks away from reaching a bailout deal.
City leaders said Hartford’s debt is expected to soar over the next few years and state officials have helped take on some of those payments over a certain period of time.
Mayor Luke Bronin along with other city leaders got together to go over some of the city’s deficit. They reached the conclusion if there is no state intervention, the city would be in the red by more than $90 million by 2023.
Bronin also pointed out nearly half of the city’s properties are non-taxable, an issue that Hartford has been dealing with for a long time.
“We had over the last, the course of the last year particularly last fall, a very open and transparent conversation about the roots of this problem, the size of the problem, and the recognition that there are two paths. One of which was bankruptcy, the other of which involved a comprehensive plan involving deficit, deep cuts in the City of Hartford,” said Mayor Bronin.
Bronin also said in the worst case scenario, the city would file for bankruptcy but he said he is confident a deal will be reached.
