Finance
The Finance Department is responsible for the keeping of all municipal accounts and financial records, as well as the control of all expenditures, and such other powers and duties as may be required by ordinance or resolution of the City Council. The Director of Finance is the fiscal clerk of the City Council, and as such attends the monthly meetings of the Council's Finance Committee.
Meriden's Proposed Budget for FY2025 Released
MERIDEN (March 5, 2024) - Acting City Manager Emily E. Holland has presented her proposed City budget for fiscal year 2025, which begins July 1, 2024.
This budget proposes a 3.3% increase in expenditures, primarily driven by a an increase of $2.8 million (7.6% inc.) within Employee Benefits. Key drivers within the Budget are both the City Pension Plan (up $1.2M) and healthcare costs (up $1.1M) representing a 12.5% increase.
Other key drivers include Public Safety. The Meriden Police Department increased its budget by $0.7M (4.5%), due to increases within staffing levels, contractual salary and overtime. Additionally, the Meriden Fire Department budget contains an increase of $0.5M (5%) based on salary increases, increased overtime and new Protective Equipment.
This budget contains a reduction in State Revenue of $548,425 and assumes a return on investment (ROI) assumption rate for both Pension and Other Post Employment Benefits (OPEB) at 7.00%. It should be noted that the City will be completing a full 2024 Pension Valuation and will be closely monitoring the volatility of the market over the next five months and make the necessary adjustments to our Asset Portfolio should conditions warrant.
Attached is the complete FY 2025 proposed budget.