City councilor says deficit is much lower than reported

New London — City Councilor Adam Sprecace, who serves on the Finance Committee, is predicting the city could be facing a $1.1 million projected deficit in the current year — nowhere near the projected $4.4 million deficit the mayor announced last month.

Sprecace has also called for a forensic audit of all city finances “to accurately identify the financial state of the city.”

“I think the deficit projections are far less than what was reported,’’ Sprecace said during a Finance Committee meeting Tuesday afternoon. His numbers, if they turn out to be accurate, would significantly change the estimated $12 million shortfall over three budget cycles that Mayor Daryl Justin Finizio announced Jan. 27.

“This would have the effect of reducing the alleged three-year, $12 million deficit to a three-year, $5.5 million deficit, with many questions still outstanding,’’ Sprecace said.