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Exterior, Stratford Town Hall, in Stratford, Conn. Jan.15, 2016.
Photo: Ned Gerard / Hearst Connecticut MediaExterior, Stratford Town Hall, in Stratford, Conn. Jan.15, 2016.
Exterior, Stratford Town Hall, in Stratford, Conn. Jan.15, 2016.
Exterior, Stratford Town Hall, in Stratford, Conn. Jan.15, 2016.
STRATFORD — The Town Council Tuesday passed a tax deferment program for residents and authorized the town to seek short-term financing in an effort to keep operations running as smoothly as possible during the coronavirus crisis.
Both measures passed unanimously during a meeting held on the GoToMeeting videoconferencing platform.
The deferment program will allow residents, businesses and nonprofit organizations that have suffered “significant economic impact” from the coronavirus pandemic to defer paying their taxes and municipal sewer charges up to 90 days.
The program was one of two tax relief programs outlined in an April 1 executive order from Gov. Ned Lamont. The governor’s order required all municipalities in the state to participate in one of the programs.
During the discussion of the measure, the 5th District’s Greg Cann asked how the town would determine whether taxpayers have suffered “significant economic impact” because of the COVID-19 virus.
Mayor Laura Hoydick said the precise terms will be spelled out by the state.
Assistant Town Attorney Bryan Leclerc said the program could require those participating to have lost at least 20 percent of their household income because of the crisis, or at least a 30-percent loss in year-over-year income for businesses and nonprofits for the period between March and June.
To qualify for the deferment under the terms of Lamont’s order, any landlord must provide documentation to the town that their property has or will suffer a significant income decline or that a forbearance was offered to their tenants.
In anticipation of receiving less in tax income payments in the near term, the council Tuesday also authorized the mayor to borrow up to $50 million in tax anticipation notes to cover possible short-term cash flow problems.
Chris Tymniak, the town’s chief administrative officer, said the town may not have to borrow nearly as much as $50 million, or any money at all, depending on other possible relief measures from the state or federal government.
But if that relief doesn’t come, the town will be able to borrow money from banks to be paid back once the deferred tax payments — the exact amount of which are also unknown right now — come in, he said.
Tymniak credited former Finance Director Jay Wahlberg, who died last week from complications due to the coronavirus, with coming up with the idea last month.
Wahlberg’s foresight and early planning means the town will be “at the front of the line” among other municipalities if it needs the cash, Tymniak said.
“This was Jay saying, ‘Hey you know, what this is is a recession...We need to make sure we have our coverage here,’” Tymniak said.
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