The City of Bridgeport's bond financing program is managed by the Office of Finance Administration.
The mission of the Finance Department is to plan and prepare all official statements for short and long term financing as well as the City's Comprehensive Annual Financial Report and to oversee all financial departments. Our objectives include ensuring adherence to all provisions of the Government Accounting Standards Board (GASB), preparing monthly financial reports on the fiscal condition of the City in relation to the budget, acting as a liaison to all financial institutions on matters relating to City business, and ensuring all debt obligations of the City are paid in accordance with borrowing provisions.
Joseph P. Ganim
Bridgeport Mayor Joseph Peter Ganim is now beginning his seventh term as Mayor of Connecticut’s largest city with a population of approximately 147,000 people. After campaigning on a platform of open government, reducing crime, improving public schools, reducing property taxes and growing the economy and job creation, Mayor Ganim was elected by a wide margin on November 3, 2015 to a position he had last held in 2003.
Mayor Ganim had served six previous terms as chief executive of Bridgeport from 1991-2003, and in so doing accomplished several important things for the Park City. Mayor Ganim led the city out of municipal bankruptcy by overcoming a $21 million budget deficit and a 5-year projected deficit of $250 million. Mayor Ganim’s tenure ushered in 10 consecutive years of balanced budgets and a surplus of $58 million. This was accomplished by implementing difficult cost saving measures and innovative revenue raising techniques. These included negotiations with city labor unions to achieve concessions and savings of more than $20 million in labor costs without laying off any employees and negotiating a more than $350 million bond issue with multiple Wall Street investment firms to erase the city’s unfunded pension liability. As a result of these efforts, Bridgeport’s credit rating increased across the board during his tenure and Mayor Ganim was recognized in 1996 by Newsweek magazine as one of America’s most “innovative and dynamic mayors.”
After serving as Mayor, Joe Ganim worked as a successful private sector consultant for five years, representing a number of businesses and non-profit organizations with various needs ranging from internal management of specific projects to overall organizational improvements, using his vast experience in both business operations and corporate law. Consulting ranged from helping small management teams in large organizations including multi-million dollar public and private sector funding, financial planning, money management and complex budgeting.
As a consultant, Mayor Ganim led and advised management teams on energy savings projects, revenue enhancement projects, internal process improvements and the mitigation of sudden and unexpected business challenges. This includes sophisticated business and real estate transactions and complex capital projects as well as government relations and the securing of funding through grants and loan programs.
Joe Ganim launched his campaign for Mayor in May of 2015, asking Bridgeport voters for a 2nd chance not just for himself, but also for the city of Bridgeport. Mayor Ganim pledged to improve the quality of life for Bridgeport residents by helping to improve the economy, grow jobs, reduce crime, improve public schools, reduce the city’s tax burden and get Bridgeport’s finances under control.
Previously to serving as the Finance Director for Bridgeport, Ken Flatto was the First Selectman of Fairfield, a position to which he has been elected five times. As First Selectman, Flatto was responsible for more than 500 employees and a budget of $260 million. Ranked by CNN/Money Magazine as the 9th best mid-sized community in the country, under Flatto's leadership, Fairfield has achieved and maintained a AAA bond rating. Flatto administered twelve balanced budgets and led efforts to revitalize brownfields and expand Grand List growth. In addition, Flatto led audits and cost savings initiatives, saving over $3 million per year through restructuring, management efficiencies and negotiated collective bargaining givebacks.
Prior to serving as Fairfield's First Selectman, Flatto served as the Chief Financial Officer for Orangetown, NY, and Comptroller and Deputy Commissioner for the City of Yonkers, NY. Flatto is a Licensed Certified Public Accountant (NY), who received his MBA from Cornell University. He is the Former Chair and Vice Chair of the Greater Bridgeport and Valley Metropolitan Planning Organization, and Chair of the Connecticut Conference of Municipalities Health and Human Services Committee.