Bill Summary: SB00464 - Hartford Financial Sustainability Commission

• Establishes the Hartford Financial Sustainability Commission to address Hartford's projected general fund deficits that could approach 30% by fiscal year ending June 30, 2018.

• Commission comprises 9 members: the mayor and Secretary of Office of Policy and Management as co-chairs, city treasurer, Common Council president, Council Committee chair, and four mayoral appointees representing city residents, businesses, small business, and employee organizations.

• Grants commission power to review and modify the city's annual budget, financial plans, bond terms, and board of education budgets, with modifications becoming effective unless the city council or board disapproves within one regularly scheduled meeting.

• Requires commission approval of all new collective bargaining agreements and modifications, with authority to set binding terms if parties cannot agree; allows commission to serve as binding arbitration panel for labor disputes.

• Commission terminates six months after the city maintains positive fund balances for three consecutive fiscal years, has no budgetary deficits for three consecutive years, and receives unqualified audit opinions.