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Kenneth Flatto,
Finance Director/CFO
About
Learn about Bridgeport Investor Relations, including Featured News and The Team.
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- City Population as of June 2020 Census
- 148,654
- GO Bond Ratings as of July 2021
- A3/A/A+
- GO Bonds Outstanding as of June 2022
- $907 million
About Bridgeport Investor Relations
The City is located on the northern shore of the Long Island Sound, approximately 60 miles northeast of New York City and 60 miles southwest of Hartford. The City is the cross roads of one of the best land, sea, rail and air transportation systems in the State. State Routes 8 and 25, with their links to Interstates 84 and 91, merge with 95 in downtown Bridgeport. Bridgeport Harbor is one of three deep-water ports in Connecticut; its 35- foot deep channels and anchorages can accommodate most ocean-going vessels involved with international trade and shipping. Amtrak and Metro-North provide passenger service to the City from the downtown Transportation Center, and Conrail operates a major freight yard within a quarter-mile of the Port of Bridgeport. The Sikorsky Memorial Airport is a City-owned and operated general aviation facility that is located in Stratford, Connecticut, ten minutes from downtown.
The City is a major medical, legal, industrial, financial and entertainment center. Two medical centers provide for many of the health care needs of the Grater Bridgeport area. Federal, State and County courthouses are located within the central business district. Corporate and regional business offices are located downtown, including the principal office of the largest Connecticut-based bank, People’s United Bank. Major employers residing within the City’s boundaries include Bridgeport Hospital, St. Vincent’s Medical Center, People’s United Bank, Sikorsky Aircraft, the University of Bridgeport and Bridgeport Health Care Center. The City, long a major manufacturing center, remains the home of many manufacturing companies. These companies typically exploit new technologies and occupy unique market niches.
The Greater Bridgeport area hosts four institutions of higher learning: the University of Bridgeport, Fairfield University, Sacred Heart University, and Housatonic Community College. These educational institutions provide the City’s corporate and business communities with skilled personnel and enhance the area’s cultural and community activities. Housatonic Community College, located in the heart of the City’s central business district, has been a fast growing community college in New England.
Bridgeport is also the home of numerous attractions that enhance the City’s economic fortunes. The Barnum Museum showcases the life and times of former City Mayor and renowned showman, P.T. Barnum. The Ballpark at Harboryard and The Area at Harboryard brings hundreds of thousands of visitors annually to the City’s Downtown area to watch minor league baseball, minor league hockey, college basketball, college hockey, concerts and other shows. The Beardsley Zoo is one of the most visited tourist attractions in the State. The Discovery Museum, located in the north end of the City, offers interactive science and space displays.
The City has a Mayor-City Council form of government. The Mayor is the chief executive officer of the City and serves a 4-year term. The City Council, which acts as the City's legislative bond, consists of twenty members elected for two year terms.
Featured News
January 10, 2023
News
Bridgeport's Finance Department Receives Fiscal Reporting Award
BRIDGEPORT, CT — The City of Bridgeport's Finance Department has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada, city officials announced.
The department received the honor for its annual comprehensive financial report for the fiscal year that ended June 30, 2021. The award was presented to finance last month, marking the 15th year the city has received the award.
"I’m pleased to hear that our Finance Department has once again been recognized by the Government Finance Officers Association," said Mayor Joseph Ganim in a statement. "I applaud the Finance Department for its utmost dedication to achieving high standards in financial reporting and commend everyone for their unwavering hard work."
From the city's announcement:
In 1945, the GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program to encourage state and local governments to exceed the minimum requirements of accounting principles when preparing annual financial reports. The Certificate of Achievement is the highest form of recognition in government accounting and financial reporting for a fiscal year. The City of Bridgeport’s financial report was judged by an impartial panel to meet the high standards of the program. According to the GFOA, reports should demonstrate a “spirit of full disclosure” top clearly communicate its financial story and motivate potential users to read the report.
August 9, 2022
Press Release
Moody's GO Rating Upgrade
Moody's upgrades City of Bridgeport, CT'S GO Bond rating to A3 from Baa1; outlook revised to stable
New York, August 09, 2022 -- Moody's Investors Service has upgraded the rating on the City of Bridgeport, CT's general obligation bonds to A3 from Baa1. The city has approximately $900 million of outstanding obligations. The outlook has been revised to stable from positive. Moody's has also assigned an A3 rating to the city's General Obligation Bonds, 2022 Series A. The bonds have an expected par value of $23.1 million.
Please view the full press release below.
September 28, 2021
News
City of Bridgeport Finance Department Presented Highest Award In Government Financial Reporting
Mayor Ganim joined City Finance Director Kenneth Flatto to congratulate the Finance Department on receiving the Certificate of Achievement for Excellence in Financial Reporting Award. Presented by the Government Finance Officers Association (GFOA), this Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting.
The Award is based upon a GFOA review of the Comprehensive Annual Financial Statements of the City and was judged by an impartial GFOA panel to ensure the highest standards of the program are met. This process includes demonstrating a "spirit of full disclosure" to clearly communicate its financial results to the City Council and public.
Mayor Ganim stated, “We commend the accomplishments of the Finance Department which are clearly exhibited by receiving this Award. A completely clean audit opinion from outside auditors demonstrates the competence and effectiveness of our Finance Department and their operations.”
Finance Director Flatto stated, “We are very pleased to get this Award which demonstrates our fiscal responsibility and the strong work ethic of the Finance Department.”
The Team
Stephen Maceroni
Independent Bond Advisor