BRIDGEPORT, Conn. – Because there is a budget shortfall of $20 million Bridgeport mayor Joe Ganim, his advisors, and the City Council will have to reduce expenses to find revenue during the holiday period, according to the Connecticut Post .
The administration learned the news Wednesday night that the city overestimated its revenues by $5.6 million, the Connecticut Post reported.
Bridgeport's present fiscal year budget estimates $2.7 million in back tax payments, $1.4 million in more aid from the state, $1 million in payments for overtime outside and $520,00 in uncollected rents from Webster Bank Arena, Ballpark at Harbor Yard and Captain’s Cove Marina, according to the article.
More than $3 million in rents due for five years is owed to the city, according to the documents, the Connecticut Post says.
The Connecticut Post reports that Ganim's staff said the city did not budget $8.7 million in owed pension payments or $2.4 million in retroactive pay raises that former Mayor Bill Finch approved before leaving office. The article also says that figures show the city overspent on overtime by $5.5 million.
Ganim said at Wednesday's meeting that the city will look at overtime as one area where cuts can be made, the Connecticut Post reported.
Here's the full story in the Connecticut Post.
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