Presentation to Stamford Board of Realtors

Update from City Hall

March 9, 2016

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Update from City Hall

1. City Budget

2. Economic Development

3. Stamford Public Schools

4. Public Safety

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Budget Challenges Across the State & Country

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Malloy Proposing Budget Cuts of $569M, Savings Through

Layoffs, Pension ChangesHartford Courant, 2/1/16

Bridgeport School District Headed

Toward Another Budget CliffConnecticut Post, 2/10/16

Bronin Halts ‘Non-Essential’ Hiring,

Spending to Address $9M Budget Shortfall

in Hartford Hartford Courant, 2/25/16

Budget Agreement Careens Toward

CollapsePhilly.com, 12/21/15

Time to Hit Panic Button on

Alabama Pension ReformAL.com, 6/2/15

Stamford Continues Commitment to

Strong Fiscal Management• Stamford’s financial position is strong

• Standard & Poors Reaffirmed our AAA bond rating

• No reductions of services in this year’s budget

• Pension and retiree health benefits are a budget priority

• Continued innovation in cost savings and management

• Debt increases fund new Police Headquarters and capital

projects3

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$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

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2012 Spending per CapitaLower Fairfield County & Cities Over 100K Population

Source: Taxes at Home: A Comparison of Municipal SpendingYankee Institute for Public Policy - August 2015Stamford spending adjusted for Smith House

Budget Priorities

City Fiscal Management

• 3% maximum tax increase (proposed at 3.79%)

• Full funding of prior years’ unfunded pension & retirement benefits and current year ADC

• Investing in city-wide traffic, transportation and safety improvements

• Commencing cost-avoidance initiatives across the City

• Smith House transfer to private entity

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Budget Priorities (cont’d)

Community Priorities• Continued funding for cultural, youth and social services

organizations• Modest grants for neighborhood community groups• Increased funding to Volunteer Firehouses based on

achievement of goals and objectives

City Operations• Vehicle pooling program for city-owned cars Reduces non-public safety fleet by approximately 33%

• Combined Police & City vehicle maintenance departments

• Improving management for road repairs• Traffic Synchronization Initiative 6

Expenditure Drivers by Category

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Excludes Contingency increase of $2.9 M & Smith House decrease of ($12.5 M)* Employee benefits include healthcare, and normal cost for Pensions & OPEB

Salary & OT 12% $3.3

Employee Benefits * 21% $5.9

Unfunded Retirement Benefits 7% $2.1

Payments to Ins Fund 2% $0.4

Goods,Utilities,Services 4% $1.2

Other 0% $0.1

City & BOE Debt Service 7% $2.1

Community/Cultural 4% $1.0

BOE 43% $12.1

$-

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

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Long Term Unfunded Obligations

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8.83

13.66

8.83

6.34

24.17

4.72

52.8 55.5

58.4

0

10

20

30

40

50

60

70

2013-14 2014-15 2015-16 2016-17

Am

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nt

(Mill

ion

s)

Year

Total Amount Spent - City Employee Benefits

Total

Other

Health Care

Current Service--OPEB

Current Service -- Pension

Unfunded OPEB

Unfunded Pension

30.7% of City Operating Budget

13.9%66.5

Update from City Hall

1. City Budget

2. Economic Development

3. Stamford Public Schools

4. Public Safety

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Economic Development

• Stamford recently named Connecticut’s digital capital, or “eCity” by Google

• Businesses are moving to Stamford

• Businesses who were already here are staying and expanding in Stamford

• Launched Small Business Portal to help people thinking about starting or expanding a small business get the tools they need

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Unemployment

• Notably lower than state

and National

unemployment averages

• 4% in Stamford

• 5% nationally

http://www1.ctdol.state.ct.us/lmi/unemprateCTUS.asp

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Income Per Household by Neighborhood

• Average income has increased across all neighborhoods

• Most notable increases in:

• Waterside/South End: 62.10%

• Newfield: 52.10%

• North Stamford increasing more slowly

http://www.city-data.com/city/Stamford-Connecticut.html

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Employment by Sector

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Notable Companies by Industry

• Retail• Vineyard Vines, Fairway

• Media• NBC, A&E, WWE

• Finance• Synchrony, GE, UBS, RBS, Gen Re

• Management Services• Deloitte, Ernst & Young, McKinsey,

Gartner Group, Thomson Reuters

• Others• Kayak, Harman, Indeed, Pitney

Bowes, United Rentals, Starwood

○ Starwood

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Healthcare

• Stamford Hospital • Tully Health Center

• Staff Health Urgent Care Center

• Chelsea Piers Pain Center

• Imaging at Mill River

• Upcoming New Facility/Expansion

• Emergency Department

• Pediatrics

• Intensive Care Unit

• Heart and Vascular Unit

• Other Important Health Centers

• The Pediatric Center

• Orthopaedic Surgery & Sports Medicine

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Companies New & Expanding

Stamford Hospital292 Long Ridge

Bridgewater Associates2200 Atlantic Ave

300-500 Jobs

Indeed.com177 Broad Street

300 Jobs

Yale-New Haven Hospital Offices260 Long Ridge Road

Rhone Apparel482 Pacific Street

New Leases Signed in 2015

• Bridgewater Associates - 137,000 SF – new

• Synchrony Financial – 312,000 SF – new headquarters

• Indeed.com – 100,000 SF – new space expansion of the business

• First County Bank – 22,000 SF – new headquarters

• TFS Energy Solutions – 23,000 SF – new headquarters

• Tagetik – 23,000 SF – new headquarters

• Deutsch Family Wine & Spirits – 44,000 SF – new headquarters 17

Leases Re-Signed in 2015

• UBS – 120,000 SF- company committed to stay in Stamford

• Harman International Industries – 138,000 SF –company committed to stay in Stamford

• Charter Communications – 74,000 SF – company committed to stay in Stamford

• Ironwood Capital – 80,000 SF

• Robinson & Cole LLP – 28,000 SF – company committed to stay in Stamford

• Parfum de Coeur – 22,000 SF18

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Infrastructure: Office Vacancy Rates (Direct)

• Vacancy rates are currently falling back to their pre recessionary norms

http://www.stamfordct.gov/sites/stamfordct/files/u358/f2014_city_of_stamford_cafr_final.pdf

Recently Opened Housing Projects

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• Summer Place• 66 Summer Street

15 Story - 209 units residential overlooking Stamford’s

Columbus Park.

Beacon at Harbor Point1 Harbor Point Road

22 Stories - 240 residential units overlooking Stamford

Harbor

Summer House184 Summer Street

22 Stories - 226 residential units, 2,200 square feet of

retail space.

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Projects Under Construction

Bedford Hall545 Bedford Street

Atlantic StationAtlantic Street

Morgan LoftsMorgan Street

Rippowam PlaceWashington Boulevard

Marriott Residence Inn 35 Atlantic Street

Park Square West – Phase 2Washington Boulevard

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Projects Under Construction

Belpointe112 Southfield Avenue

Stamford Hospital30 Shelburne Rd

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Infrastructure: Housing Units

• Total number of units has generally increased from 2000 to 2014

• Small dip attributable to economic recession

factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?src=CF

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Infrastructure: Housing Supply

http://www.city-data.com/city/Stamford-Connecticut.html

Waterside/South End was the quickest growing neighborhood between 2000-2010

• 28.5% increase in housing supply• Apartments/condos were built

& South End

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Stamford Museum & Nature Center

Chelsea Piers

Bartlett Arboretum

Stamford Town Center

Restaurants

The Palace Theatre

Nightlife

Mill River Park

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Annual Events

• Alive@Five• Jazz-Up July• City Firework Display• Hope in Motion Walk & Run• UBS Thanksgiving Day

Parade• KIC IT Triathlon• Stamford Symphony

Update from City Hall

1. City Budget

2. Economic Development

3. Stamford Public Schools

4. Public Safety

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Stamford Public SchoolsLooking Forward

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• New Board of Education

• New Interim Superintendent

• New IB Elementary School on Track

• Championship Teams:• Westhill Boys Basketball

• Stamford High Girls Basketball

200 Strawberry Hill Avenue

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• IB Inter-district Magnet

• Secured $60+ million from State during 2015 legislative session

• Groundbreaking held on January 14th for Phase 1 light renovation

• Plan to have K-1 start in September (eventually K-8)

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SPS in the HeadlinesStamford High shows improvement…STAMFORD — The city’s flagship high school has received positive marks from its

accreditation agency.

The letter lauded the process the district used to select Principal Raymond Manka, as well as

“efforts to build a new and healthy school culture at SHS.”

It also complimented the school’s recent moves to further integrate technology into its

curriculum.

Stamford Advocate, March 7, 2016

Stamford continues search for new schools

superintendentSTAMFORD — After about four months of searching, the Board of Education is close to

naming a new superintendent.

Sources close to the search told The Advocate interviews of candidates have been ongoing,

and indicated the board is close to a decision.

Stamford Advocate, March 7, 2016

Stamford Public Schools – in just the last few months

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Stamford Public Schools Announced Seven Students as National Merit Semi-Finalists• Seniors from AITE, SHS, and WHS

are Among Highest Scorers in the State

Two AITE Seniors Have Been Selected as Candidates for the United States Presidential Scholars Program

Eighth Grader Alex McLeod Wins Scofield Magnet Middle School’s National Geographic Bee

• Moving One Step Closer to $50,000 College Scholarship

AITE Earns Summer Study Abroad Scholarships

• Scholarship Winners Will Build Skills for Today’s Global Marketplace

White House to Recognize Computer Science Education “Champions of Change”

• Cloonan 7th Grade Science Teacher James Forde one of 9 teachers selected across the country

Fourth Grader Thomas Surette Wins Newfield Elementary School Geographic Bee

• Moving One Step Closer to $50,000 College Scholarship

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• Stamford is home to branches from:

• University of Connecticut• Anticipating announcement of

student housing location within 60 days

• Sacred Heart University • Cornell University (Veterinary

Specialists)• University of Bridgeport

• Specific degrees available include: • Business Administration• English• History• Psychology

• Healthcare Administration

• Social Science

College Education

Update from City Hall

1. City Budget

2. Economic Development

3. Stamford Public Schools

4. Public Safety

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Public Safety Initiatives

• Blue Light Poles with surveillance cameras being installed in City parks

• Updated 911 communications system

• AVL in Police fleet

• Fire Department Dynamic Dispatch Protocol (closest available unit)

Stamford is the safest city in New England

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Crime – Statistics

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2011 2012 2013 2014 2015 2016 YTD

StamfordHomicides

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Crime – Statistics

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2014

2014 Homicides by Major City

Stamford Bridgeport New Haven Hartford Waterbury Norwalk

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Stamford City of Many, Home to All

Questions?

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