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Hartford, CT – Connecticut State Treasurer Erick Russell, Hartford Mayor Luke Bronin and Hartford Treasurer Carmen Sierra announced a successful $124.9 million refunding sale of City of Hartford bonds today, saving state taxpayers $13.9 million over the next ten years.

“This bond sale was the result of months of hard work by many professionals in both state and city government and will result in significant savings for taxpayers,” said Treasurer Russell. “I’m grateful for the efforts of Mayor Bronin, Hartford Treasurer Sierra, and their staffs. The city was an excellent partner in securing documentation and meeting the requirements necessary to successfully bring this first refunding bond sale to market.”

“This is a straightforward, common sense refunding that saves money for the state both short-term and long-term,” said Mayor Bronin. “Along with substantial labor concessions, contributions from our corporations, and deep cuts and restructuring, the state’s assumption of Hartford’s legacy debt obligations was a critical part of addressing Hartford’s historic fiscal crisis, and we’re glad to partner with Treasurer Russell to reduce the state’s costs under that agreement.”

“I am proud to be a key part of the team that brought about the refunding of these bonds. This transaction demonstrates Hartford's responsive and cooperative partnership with the State,” Treasurer Sierra said. “Notably, this transaction, which will save over $13 million in taxpayer dollars, was done without extending the maturity dates of the bonds or pledging property tax revenues of the City. This transaction represents what I fight for every day as the people’s Treasurer, sound fiscal policies.”

“We appreciate the collaboration with the city and the Treasurer. We expect that this bond sale will reduce fixed costs for state taxpayers. I want to thank all of those who have helped to bring today to fruition, including the staff of the Office of Policy and Management, the Treasurer’s office, and city leaders,” said Jeffrey Beckham, Secretary of the Office of Policy and Management.

This is the first sale of City of Hartford bonds under the contract assistance agreement Hartford entered into with the state in 2018. This sale of tax-exempt City of Hartford Special Obligation (State Contract Assistance) bonds will refinance six series of existing higher-interest City of Hartford general obligation bonds for debt service savings of $13.9 million over the next ten years.

Hartford and the state collaborated to identify bonds that could be refunded for savings. By refunding existing debt at lower rates, the state’s fixed costs will be lower, generating savings for taxpayers for years
to come.

Orders and Interest Cost

Orders from investors on the bond offering totaled $380.9 million, exceeding the amount of bonds offered and contributing to the 2.74% borrowing cost on the ten-year bond sale. “This sale reflects Connecticut's positive standing with investors. Efforts in recent years to strengthen our fiscal health, build reserves, and enact and maintain budgetary guardrails continue to pay dividends for taxpayers,” said Treasurer Russell. “I look forward to continuing to leverage our improved financial position to produce more long-term savings for the people of our state.”

Prior to the sale, both Moody’s Investors Service and S&P Global Ratings assigned their ratings for these bonds. Moody’s rating is “Aa3” with a Stable Outlook and S&P's is “AA-” with a Stable Outlook. This reflects the State of Connecticut’s credit ratings, which are the security for these bonds.

Siebert Williams Shank and Raymond James co-led the bond underwriting syndicate that sold the bonds. The bonds are scheduled to close on May 10, 2023.

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PAU COLA Letter November 2022

Carmen I. Sierra
City Treasurer
November 10, 2022

Dear City of Hartford Pensioners,

My office has received many inquiries asking when retirees might receive a cost-of-living-adjustment (COLA). I appreciate hearing from you, and I would like to take this opportunity to explain the technical process behind implementing a COLA.

First, you should know that my office does not have the legal ability to authorize a COLA. Under state statute1, the authority to create a COLA rests with the legislative body of a municipality. Therefore, the Hartford City Council must adopt an ordinance to create a COLA, which then needs to be approved by the Mayor. This has not occurred since 2007. There is no provision for an automatic COLA funded by the City's pension plan.

Earlier this year, my office proposed a COLA ordinance and submitted it to City Council for consideration. As part of the City Council process, the Operations, Management, Budget and Government Accountability Committee met on September 19, 2022 to discuss our proposed COLA. The City Council Committee postponed action on the COLA pending further discussions with Mayor Luke Bronin.

It is my hope that, after these discussions, the City Council will revisit our proposal and grant a COLA, given the retirees are those with the greatest need. _ I hope you will join me in encouraging the City Council to approve the proposed COLA - as the decision is in their hands, as well as the Mayor's.

Additional information, including the proposed COLA, as well as copies of the Hartford City Council Committee meeting minutes from September 19, 2022 and a Hartford Courant article relating to the COLA can be found on our website: www.hartfordcitytreasurer.org

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The Children’s Museum receives $1.6 million grant for a novel collaborative in Hartford

[West Hartford, CT, Oct 4, 2022] The Children’s Museum has received a four-year, $1.6 million U.S. Department of Education grant for the novel Center for STEAM Advancement Collaborative, which will deliver educational enrichment programs to Hartford children and their caregivers.

The Collaborative includes the Hartford Parent University, the Hartford Youth Scholars, the YMCA of Greater Hartford, the Legacy Foundation of Hartford, and The Children’s Museum with organizational oversight by the City of Hartford Treasurer’s Office. STEAM (Science, Technology, Engineering, Arts and Math) based programs will be provided to Hartford children from kindergarten through college with the goal of significantly enhancing their personal and career development opportunities.

This program award is the result of a two year planning effort funded by Voya Foundation and CT Department of Economic and Community Development. It was greatly facilitated by the offices of Senators Blumenthal and Murphy. This Collaborative came about because of the vision and hard work of Adam Cloud, City of Hartford’s recently retired Treasurer, and Peter Stevens, the Museum’s Board Chair.
They brought the collaborators together to pursue this innovative program structured to focus on assisting youth and their families from under-resourced Hartford communities in strengthening their STEAM-based skills from kindergarten through college. The current City of Hartford’s Treasurer, Carmen I. Sierra, will continue the collaboration to pursue this new program.

About The Children’s Museum Group

The Children’s Museum Group includes the Museum and Preschool on its West Hartford campus and the Roaring Brook Nature Center in Canton, CT. Founded in Hartford in 1927, it is the fifth oldest Children’s Museum in the country. Its mission is to inspire life-long learning among children and their caregivers by providing experiential learning programs covering STEAM, health, nature and the environment.

The Children’s Museum Group offers live virtual and in-person school and summer vacation science camps, field trips, birthday parties, traveling classroom programs (outreach), behind-the-scenes sanctuary tours, library programs and animal demonstrations. The Children’s Museum Group is the largest third-party supplier of NGSS-aligned (Next Generation Science Standard) STEM/STEAM-based educational programs in Connecticut. The Children’s Museum Preschool offers a year round and full day, play-based preschool curriculum with an emphasis on both social development and STEAM enrichment. Roaring Brook Nature Center offers school and summer vacation nature camps, field trips, birthday parties, animal demonstrations, and a regular schedule of concerts and seasonal nature programs designed to increase awareness, appreciation, and knowledge of the natural world, and the interrelationships that exist between people and the changing environment.

The Children’s Museum is part of The Children’s Museum Group, a registered 501 (c)(3) Its mission is to inspire life-long learning among children and their caregivers by providing experiential learning programs covering STEAM, health, nature and the environment.

For more information about the museum’s hours and admission fees, please visit www.thechildrensmuseumct.org.
### If you would like more information about this topic, please call Beth Weller at 860.726.4010, or email This email address is being protected from spambots. You need JavaScript enabled to view it..

The City of Hartford Treasurer's Office is implementing a new vendor payables platform called Paymode-X through Bank of America. This platform allows the Treasurer's Office to securely pay vendors in a quicker time-frame, than through the paper check process. Please see the sample letters being sent to our vendors under the Custody of Funds tab and then Bank of America.

Sample Letter 1

Sample Letter 2

Sample Letter 3


HARTFORD, CONN (July 29, 2022) - Today, Adam M. Cloud, Treasurer of the City of Hartford and the Secretary of the City of Hartford Pension Commission, issued the following statement regarding his retirement.

“Today, with mixed emotions, I am announcing my retirement from the Office of the City Treasurer, so I may pursue other opportunities.  It has been the highest honor of my life, and a privilege to have served the great people of the City of Hartford for these many years.  I am proud of the many accomplishments of the Office of the City Treasurer under my stewardship and remain confident the good work of the office will continue.”

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