Bridgeport on the financial brink

Bridgeport (WTNH) - Bridgeport is among other big cities like Philadelphia, Phoenix and Atlanta that are looking for federal bailout money to help them through this economic downturn. But it was a combination of things got the city into trouble.

What doesn't help, the public golf course isn't making money because people aren't playing, there's no movement on the city's largest development project, Steel Point, and tax cheats aren't paying up. The picture is grim.

Bridgeport Mayor Bill Finch says his city is skating on thin ice. "We have no margin of error here."

Right now Bridgeport is critically bleeding red ink and facing an estimated $19 million budget gap. The mayor says a corrupt past and some inherited election year promises are just a couple of reasons behind their financial crisis.

People living here say through the years they've been able to tell that Bridgeport is struggling.

"There are foreclosed signs and lots of homeless," Rita Walker said.

"You could work two or three jobs a day if you wanted to," Carleen McDowell said. "You don't have that privilege now."

Some who work for the city are even sacrificing on the job they do have by giving up a week of pay to help trim the books. The mayor printed a thank you in the newspaper to all those chipping in. The list of names included his own.

"My wife wasn't too crazy about reducing the salary, but we all have to chip in," Mayor Finch said.

Others working for the city may not be so lucky. Bridgeport could lay off dozens by the end of the year as the city struggles to make ends meet.

By January 1st Mayor Finch will know if there are more layoffs coming. By July 1st he's hoping for a slim $79,000 surplus. How does he plan to do it?

Beginning this week "For Sale" signs will be on nearly all unoccupied city property.

First on the block is the Mechanics and Farmers Bank building on Main Street. Soon to follow is the Board of Education building next door, and then others for a total one million in estimated debt off the books.

Next is union concessions. Talks over the next two weeks are crucial. That would save a possible four and a half million dollars.

The mayor wants to slash police overtime by one and a half million dollars, slash seven million from the education department, and another three million, eight hundred thousand in cuts including voluntary furloughs.

The remainder of the money to get debt off the books will come from going after tax cheats, collecting back taxes by booting cars, and business user fees.

Mayor Finch looks north for inspiration, and we're not talking Santa Claus.

"Waterbury gives us hope," Mayor Finch said. "Mayor Mike Jarjura has made difficult decisions."

Difficult decisions can pay off. On Wednesday we'll bring you the second city in our tale of two cities, with a look at how even during these bad times Waterbury is celebrating.