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Why is it important for the City to maintain its fund balance and fund its pension obligations?
Maintaining an adequate fund balance and funding long-term obligations bring more predictability and stability to the budget process and, over the long-term, improve the City’s chances for future bond ratings upgrades; which, in turn, will lower our borrowing costs.

The City adopted policies for maintaining the fund balance of the General Fund and funding its pension and OPEB obligations in December 2014. You can read more about the rationale behind these policies in the memo regarding financial management policies.

Finance-Budget

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1. Why can’t Capital Improvements be cut to lower taxes?
2. Why can’t Debt Service be cut to lower taxes?
3. How does Norwich’s spending compare to other communities?
4. What can Local Capital Improvement Program (LOCIP) funds be used for?
5. Why is it important for the City to maintain its fund balance and fund its pension obligations?