August 2, 2013 by apicomely
Finance Board Approves Several Cuts, Lowers Mill Rate
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Posted by Daniel DeBlasio (Editor) , August 01, 2013 at 10:02 PM Next Previous Slideshow Download The Board of Finance has approved several budget cuts, reducing the budget and lowering the mill rate to 23.4. The Board of Selectmen sent a list of proposed budget reductions , generated by Woodbury department heads at the request of First Selectman Jerry Stomski, to the finance board Wednesday. The finance board then met Thursday night and approved every one of the proposed reductions with the exception of a $10,000 cut for elimination of a part-time police officer. The largest reduction approved by the board was a $100,000 cut from the roads account.
India’s Finance Minister Vows Not To Overspend
Meanwhile, the FinMin did the usual cheerleading, saying he was confident the government could finance the current account deficit now nearly 5% this year without pulling money out of Indias foreign cash reserves. India has $279 billion in foreign reserves as of July 19, according to the Reserve Bank of India. Emerging market countries often use reserves to fend off speculative attacks against its currency, and to provide a cushion against external debt service. The FinMin said that Indias target for this years fiscal deficit was still 4.8%. It is a red line and it will not be breached, he said on a day that economic data out of the country showed the government had run up a fiscal deficit of nearly half the budgeted amount in the first quarter.