By James Lomuscio

UPDATE Westport Assessor Paul Friia gave the town some good news today with the announcement that the Grand List is up 1.5 percent over 2011, with most of the increase due to a jump in home construction activity.
Paul A. Friia: real estate and personal property helped boost Grand List. Contributed photo

The net Oct. 1, 2012 Grand List of $9,804,698,690, signed by Friia at month’s end on Thursday as required by state statute, increased from the previous year’s $9,655,275,688.

Friia said the jump of approximately $149 million represents a 1.4 percent growth in real estate assessement totals, with the remaining increase from assessments of motor vehicles and personal property, which are valued annually.

The real estate update was based on market values determined by the town’s Oct. 1, 2010 revaluation, he said.

The Town of Westport today sold $6.99 million of 20-year general obligation bonds at a rate of 1.9 percent, described as a “highly favorable” rate.

Low bidder on the sale approved by a special meeting of the town’s Bond Committee and Board of Selectmen was FTN Capital Markets, a bank dealer and a division of First Tennessee Bank, NA, Memphis, Tenn. Its bid was 1.905283 percent with a $153,452 premium.

“This is a highly favorable rate and I congratulate the Finance Department and all those involved in making this happen,” said First Selectman Gordon Joseloff.

Moody’s Investors Services assigned a triple-A (Aaa) rating and stable outlook to the offering last week. (See WestportNow Jan. 24, 2013) The bonds will finance various school, water, and sewer improvements.

Moody’s Investors Service said today it had assigned a triple-A (Aaa) rating and stable outlook to the Town of Westport’s planned $6.99 million general obligations bond issue and affirmed the top rating to its $130 million in long-term general obligations debt.

It said the bonds, with an expected sale date of Feb. 7, are secured by the town’s unlimited general obligation tax pledge and will finance various school, water, and sewer improvements.

The agency said the highest quality long-term rating reflects “Westport’s sizable tax base with extremely high wealth and income indices, and a manageable debt position.”

The rating also “incorporates the town’s well-managed financial operations marked by adequate reserve levels, a well-funded pension system, and proactive funding of the town’s post-retirement benefits liability,” Moody’s said.

Westport’s unemployment rate in December was 5.7 percent, down from 6.4 percent from November, the Connecticut Department of Labor said.

It was the lowest unemployment rate since April when it was 5.3 percent. A year ago the rate was 6.1 percent.

The department said the number of Westport unemployed in December was 700, down from 795 in November.

The December labor force in Westport numbered 12,312, down from 12,469,in November.

By Keith M. Phaneuf

www.ctmirror.org

The state’s unemployment rate fell for the second month in a row in December, dropping to 8.6 percent, even though Connecticut lost 1,800 jobs, according to a report today from the state Department of Labor.

That’s because the state’s labor pool—which includes those employed as well as those actively seeking employment—fell by 9,900 from November, when the jobless rate was 8.9 percent. The unemployment rate reflects the percentage of residents seeking work who are unable to find it.

The latest report also shows that for the past calendar year, job growth effectively stayed flat, dropping 100 positions. That is well behind 2011’s modest growth total of about 7,800 jobs. The jobless rate in December 2011 was 8.1 percent.

“The state’s trend of a declining labor force continues for the sixth month in a row and was the primary factor behind the declining unemployment rate in December,” said Andy Condon, director of research for the labor department.

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