Mayor Blake cites the following key factors as responsible for the City's budget increase:
- There will need to be a significant increase in Milford's pension contribution based on the decine in the value of pension assets experienced during the market downturn between 2007 and 2009.
- The City's debt service has grown as a series of past capital projects, including several major sewer upgrades, have been completed.
- The annual health insurance cost for Milford will rise 10% based on projected claims.
The Building Inspection Department will need to work on the $75 million in building projects to help with inspections in the wake up Hurricane Sandy's damage.
"I am proud of our City's exceptional government and believe this budget keeps Milford's financial future on a prudent path," Mayor Blake said.
The Budget still needs to go through the Finance Board recommendations before going to the Board of Aldermen, who have their next monthly meeting on Monday, February 4th.