Milford Approves $5.9 Million For City Projects

MILFORD, CT — The Board of Aldermen approved about $5.9 million in bonding for city improvements, including a new fire truck, road paving and resurfacing of several basketball courts in town.

A new quint fire truck will cost about $1.54 million, according to bonding documents. The department will keep the current 11-year-old truck as a backup apparatus.

Bonding will allow the Recreation Department to resurface basketball courts at Welches Point, Old Field Lane and Hawley Avenue.

The rubberized surface at James Mattioli playground will be replaced and the Hillside Avenue playground will be fully replaced.

Another $3.5 million will go toward replacing garbage trucks and other solid waste/recycling equipment, as well as plows.

Bond interest rates are higher than what the city historically enjoyed, City Finance Director Peter Erodici said at the meeting. Bonds were issued in the 4 percent interest rate range during the last issuance in the fall.

The city’s bond rating is AA+, which is one step below the highest rating of AAA, Erodici said. At one point, the city did have a AAA rating.

Aldermen Raymond Vitali asked if there was any particular point in the city budget that caused the city’s rating to be downgraded.

“I don't think it's one particular piece, It's numerous pieces that they look at,” Erodici said. “They look at the overall economy of the state, the local economy, they also look at our level of reserves, our use of fund balance, they look at how we fund our pension, whether we're contributing the 100 percent of the annual required contribution. And they look at a whole host of economic factors as well, to come up with their decision.”