Oversight board created to restructure Hartford's debt - WFSB 3 Connecticut

Oversight board created to restructure Hartford's debt

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Hartford City Hall (WFSB file photo) Hartford City Hall (WFSB file photo)

A plan to fix Hartford’s financial problems is moving forward.

The state budget that recently passed includes an oversight board to help restructure the city's debt.

All of this is being done because Hartford is trying to avoid bankruptcy.

On Thursday afternoon, state lawmakers met with city leaders to get details.

The board could be put together by Thanksgiving and will consist of 11 members appointed by the governor and city councilors.

It would be similar to the board that was created to help Waterbury several years ago, but not identical.

"What we are here to talk about today with the city council and the delegation is what was in the state budget. What does the final budget bill look like in terms of the advisory board, what are the powers, what is the timeline of it all,” said Democratic State Rep. Matt Ritter.

"What the General Assembly has provided us is a fantastic opportunity for the city to capitalize on their contribution provided we create a long-term path and part of that path will be to negotiate with our bond holders and work with our unions,” said Hartford City Treasurer Adam Cloud.

The consensus is they need to get stuff done by the end of the fiscal year, which is June 30.

The city's debt is about $45 million, and the board could be in place for at least two years, depending on what gets done.

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