Finance Department
800 Bloomfield Avenue
Bloomfield, CT 06002
Phone 860-769-3533
Fax 860-243-2913
MISSION STATEMENT
The Finance Department is dedicated to providing the highest quality service through a commitment to excellence and integrity. The Finance Department is committed to providing timely, accurate, clear and complete information and support to other city departments, citizens, and the community at large. We use Generally Accepted Accounting Principles and the Government Finance Officers Association's Recommended Practices to assure that policy makers and the community are well informed and the Town remains fiscally strong.
MAJOR RESPONSIBILITIES
The Administration Division is responsible for oversight and the general administration of the entire Finance Department, which includes Accounting, Assessment & Collection, Information Technology and Purchasing. The Director of Finance is also Plan Administrator for the Town's Pension Plans and is responsible for all aspects of debt administration and serves as the Town Manager's chief fiscal advisor during budget deliberations.
Please click here for the 2012-2013 Proposed Budget Plan
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Frequently Asked Questions
What is the size of the Town's budget?
- The Adopted 2011-2012 Town budget totals $75,418,710. This compares to $73,194,840 in 2010-11 or an increase of 3.04%
What is the Town's current mill rate?
- The mill rate for fiscal year 2011-12 33.70 mills, up .98 mills from 2010-11 or 2.98%.
- The mill rates for the two Fire Districts: Center Fire District .875 Blue Hills Fire District 2.2
What is the Town's credit rating?
- The Town has two credit ratings: one from Moody's Investors Service which is Aa2 and the other from Standard and Poor's which is AA. The Town's credit rating was last upgraded in May 2010 by Moody's Investor Services during a global recalibration of ratings. The ratings were last reviewed in October 2010 as part of a Town Bond Sale and Refunding.
What is the total amount of general obligation bonds outstanding?
- As of June 30, 2011, the Town had $52.7 million bonds outstanding.
What are the assets of the Town's Pension Fund on 6/30/2011?
- The Town has $56.1 million in its defined benefit plans.
What is the Town's tax collection rate?
- The Town's unaudited collection rate for Fiscal Year 2010-11 was 98.4% .
How much does the Town pay to the Metropolitan District Commission for sewer services?
- In 2011-12, the Town will pay $2.49 million for these services.
How much money does the Town receive from the State of Connecticut?
- In 2011-12, the Town is expected to receive about $8.1 million or approximately 11% of its operating budget from the State of Connecticut. The largest grant is from the Educational Cost Sharing (ECS) grant which totals $5.4 million.
How much is the budget of the Board of Education and what % is it of the total budget?
- The Education budget is $38.5 million and comprises 51% of the Town budget for the 2011-12 fiscal year, the same amount as the prior year.
When will the Town audit be available?
- The Town audit for the period ending June 30th, 2010 is available on line.
- Each year, the Town audit report for the period ending June 30th will be available after December 15th. The Town's independent auditors are Blum Shapiro, LLC
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Finance Department Links: