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News Junkie: Moody’s says revised executive order is ‘credit negative’ for cities and towns

HARTFORD, Conn. — A Wall Street rating agency says Gov. Dannel P. Malloy’s revised executive order that would reduce municipal aid is “credit negative for Connecticut local governments.”

An analyst for Moody’s Investor Services said the revised order reduces municipal aid by $928 million from 2017 levels.

The new revised Aug. 18 executive order, which will go into effect on Oct. 1 if the General Assembly fails to pass a budget, reduces Education Cost Sharing grants by $557 million relative to the fiscal year 2017 disbursement. The largest reduction in Education Cost Sharing grants are to Stratford, Southington, and Enfield. Stratford would lose $21.5 million, Southington $20.3 million, and Enfield $20 million, according to Moody’s.

Read the full story on CT News Junkie.

 

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NancyOnNorwwalk.com was conceived as the place to go for Norwalk residents to get the real, unvarnished story about what is going on in and around their city. NancyOnNorwalk does not intend to be a print newspaper online; rather, it exists to pull the curtain back and shine a spotlight on how Norwalk is run and what is happening regarding issues that have an impact on taxpayers’ pocketbooks and safety. As an independent site, NancyOnNorwalk’s first and only allegiance is to the reader.

About Nancy

Nancy came to Norwalk in September 2010 and, after reporting on Norwalk for two years for another company, resigned to begin Nancy On Norwalk so she engage in journalism the way it was meant to be done. She is married to career journalist Mark Chapman, has a son, Eric (the artist and web designer who built this website), and two cats – a middle-aged lady and a young hottie who are learning how to peacefully co-exist.