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Norwalk Sees $18 Million Surplus In Insurance Fund

NorwalK Mayor Harry Rilling announced the city insurance costs show an $18 million surplus for last fiscal year which could result in lower tax rates next year.
NorwalK Mayor Harry Rilling announced the city insurance costs show an $18 million surplus for last fiscal year which could result in lower tax rates next year. Photo Credit: Facebook

NORWALK, Conn. -- The City of Norwalk will see a $18.6 million surplus this year in the city's insurance fund which could result in lower tax increases next year.

Mayor Harry W. Rilling announced that preliminary financial results for the fiscal year ending in June show an $18.6 million surplus in the city’s insurance fund.

The fund covers medical; liability, auto, and property, as well as workers compensation insurances for both the city and the Board of Education.

The $18.6 million dollar surplus is 39.4 percent of the insurance fund’s disbursements for the year.

“I am pleased to say that there will be an opportunity to reduce the insurance contributions from the general fund to the insurance fund in fiscal year 2016-17, which will reduce tax increases next year," Rilling said.

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