Municipal distress has been a growing phenomenon across the United States in recent years. Cities and towns, both large and small, have struggled to eliminate structural deficits, fund pension and health care legacy obligations, reinvest in infrastructure, and continue to provide municipal services that citizens expect and deserve. Our own State of Connecticut’s fiscal troubles challenge our communities to become more self-reliant. Now, more than ever, Connecticut municipalities must understand the legal and operational strategies available to them to face these fiscal challenges.
Alvarez & Marsal and Day Pitney LLP in cooperation with UConn School of Law are proud to present three discussion panels that will benefit Connecticut’s municipal and K-12 school district leaders, as well as members of the professional legal and financial community, in facing these threats.
This program is eligible for 2.5 NY CLE credits or 2.0 CT CLE credits.
Mayor Luke Bronin assumed office in 2016 as Hartford faced looming structural deficits. Mayor Bronin will share his experiences on his analytic approach and remediation efforts to date in grappling with Hartford’s budget crisis.
The future of Federal grants and subsidies in education, Medicaid, and social services are uncertain and our own state wrestles with balancing its budget while trying to assist Connecticut’s 169 towns and cities. Our panel will discuss the new environment for municipal funding from both Federal and State sources and try to identify key risk areas for municipal and K-12 school district budgets, as well as perspectives from the municipal creditor community.
Matt Fabian, Municipal Market Analytics
"MUNICIPAL BOND CREDIT TRENDS AND CONNECTICUT"
Mayor Neil O’Leary, City of Waterbury
Timothy Little, Standard & Poors
Moderator: Keith Phaneuf, Connecticut Mirror
Connecticut’s Municipal Finance Advisory Commission consists of eight members with expertise in municipal budgeting and finance. The panel will discuss how MFAC could be of service to cities and towns, as well as ways that the legislature might consider enhancing and improving MFAC’s role. A discussion of other additional resources for Connecticut communities, including those available through the Connecticut Conference of Municipalities, will follow.
Thomas Hamilton, Chair, CT Municipal Finance Advisory Commission
Joe DeLong, Executive Director, Connecticut Conference of Municipalities
Robert Dakers, Office of Policy & Management, State of Connecticut
Moderator: Dalié Jiménez, UConn School of Law
Techniques for anticipating municipal distress include long-term budgeting, establishing reserve policies, and eliminating structural deficits. Professionals that have been involved in some of the recent municipal bankruptcies and distressed school districts will discuss practical approaches in the context of relevant case studies. Pros and cons of Chapter 9 will be discussed versus out-of-court approaches to remediating distress.
Michael Imber, Alvarez & Marsal
"SUSTAINABILITY "APPS" FOR CONNECTICUT MUNICIPALITIES"
Doug Gillette, Day Pitney LLP
"CONNECTICUT STATUTORY TOOLS FOR ADDRESSING MUNICIPAL FINANCIAL DISTRESS"
Bill Goddard, Day Pitney LLP
"What Happens at the End of the Road? TOOLS FOR Remediating MUNICIPAL FINANCIAL DISTRESS"
Moderator: David Shleicher, Yale Law School