CT HB07005

Municipalities with populations under 25,000 referred to the Municipal Finance Advisory Commission must be designated as Tier I municipalities, while those with 25,000 or more may be designated based on evaluation of financial condition and practices

Chief elected officials of municipalities not meeting referral conditions may proactively apply for Tier I designation if they expect to meet qualifying conditions within 24 months and submit a confirming report

All municipalities designated as Tier I must prepare and present a five-year financial plan to the Municipal Finance Advisory Commission for review and approval

Effective date is July 1, 2025