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Financial Mismanagement

Politics
Lamont OKs Near-Total State Takeover Of Finances After Outside Audit Of City In Connecticut Lamont OKs Near-Total State Takeover Of Finances After Outside Audit Of City In Connecticut
Lamont OKs Near-Total State Takeover Of Finances After Outside Audit Of City In Connecticut Connecticut Gov. Ned Lamont has approved the recommendation of the Municipality Accountability Review Board (MARB) to have the state provide its greatest level of oversight into finances in West Haven following an audit of the city due to an investigation into misappropriated funds. Lamont announced on Tuesday, May 17 that he was designating the City of West Haven as a “Tier IV municipality” which allows the state to largely take over its finances. The announcement comes following a 30-day period of public comment on the matter, which ultimately led to Lamont deciding to take the drastic me…

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by Zak Failla
Schools
College Of New Rochelle Closure Seen As Likely College Of New Rochelle Closure Seen As Likely
College Of New Rochelle Closure Seen As Likely Amid a near three-year financial crisis, the College of New Rochelle may be shutting its doors for good at the end of the summer semester. In 2016, the college’s Board of Trustees was alerted about “significant unmet financial obligations that had accrued over a period of time.” The Board subsequently launched an investigation and enlisted the help of officials to restructure and manage CNR’s finances. A forensic accountant and outside legal counsel were also hired to perform the investigation. The investigation ultimately found that CNR hadn’t paid upwards of $20 million in payroll taxes d…

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by Zak Failla