The finance director of New London, Connecticut says the city could run out of money in the coming year because it has no financial cushion. WAMC’s Lucas Willard has more…
According to The Day of New London, Finance Director Jeffrey Smith says no department may overspend its budget and New London must collect all the revenue it expects in the current budget year that ends next June.
New London has $312,000 in its fund balance.
Smith says city departments had overspent the budget and the city collected less revenue than it estimated.