New London City Council looking to hire auditor to check for balanced budget
New London - The City Council will hire an auditor to look over the current $41.3 million spending plan to see if the budget will be balanced at the end of the fiscal year.
In a unanimous vote Monday, the council agreed to spend no more than $4,500 for the auditor's report, which is expected to take several days to complete.
"I think this is a good idea,'' said Adam Sprecace, who proposed the audit review. "I think the City Council has an important role to play in the finances of the city and we are at the mercy of the information provided to us by the administration.''
Council President Michael Passero agreed.
"I don't see any harm in getting a second opinion,'' he said. "We can put a fresh set of eyes on the books. ... It's a very modest amount of funds spent to secure the financial stability of the city."
Mayor Daryl Justin Finizio has told the council he is doing all he can to curb spending so that there will be no deficit in the 2012-13 budget year, which ends June 30.
The mayor is expected to present the 2013-14 budget to the council in April, but warned that the city is facing a possible a possible $2.7 million drop in revenue, based on the governor's proposed state budget and decreases in local revenues.
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