Hartford Business Journal

May 2, 2016

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G R E AT E R H A R T F O R D ' S B U S I N E S S N E W S w w w. H a r t f o rd B u s i n e s s . c o m For more B2B news visit MAY 2, 2016 Volume 24, Number 22 $3.00 Subscribe online JUNE 9, 2016 Only 5 WEEKS until C T B E x p o . c o m 1 6 T H A N N U A L Index ■ Week in Review: PG. 6 ■ Focus: PG. 8 ■ The Lists: PGS. 9, 10 ■ Deal Watch: PG. 11 ■ Town Profile: PG. 17 ■ Opinion & Commentary: PG. 20 Manufacturing Invasion Thousands of manufacturing-industry professionals and supporters are expected to descend on downtown Hartford this week for their three-day "Manufacturing 4 the Future" (Mfg4) forum. Find out what issues will be top of mind. PG. 3 FOCUS: SMALL BUSINESS Foreign Expansion State and federal officials are trying to get more small businesses to consider exporting to boost sales. PG. 8 CT employers face higher workplace-safety fines By Matt Pilon mpilon@HartfordBusiness.com F or a variety of Connecticut employers, a knock on the door from the Occupational Safety & Health Administration (OSHA) can be a scary moment, as a visit from a federal workplace safety inspector often uncovers violations. But in most cases, employers don't lose sleep over the threat of financial penalties for offenses. While serious OSHA violations can fetch penalties that reach into the six figures, fines tend to be rela- tively modest, if they are levied at all. But this year, that math will change. OSHA penalties are slated to increase by as much as 80 percent in August. The fines have been fro- zen since 1990, but Congress authorized the increase late last year, C O S T L I E R I N S P E C T I O N S Warren Simpson is head of OSHA's Hartford office, where he directs a team of workplace- safety inspectors. OSHA violation fines are expected to rise by thousands of dollars this year. Continued on page 14 P H O T O | P A B L O R O B L E S Hartford's budget-balancing options dwindle By Matt Pilon mpilon@HartfordBusiness.com A s Hartford Mayor Luke Bronin and city councilors work this month to cement a budget for fiscal 2017, they won't have access to a key tool leaders have used in recent years to generate cash and plug deficits. In two major transactions in 2013 and 2015, the city restructured approximately $200 mil- lion worth of debt, increasing cash flow by as much as $99 million between fiscals 2014 and 2017 and reducing the city's annual debt pay- ments by more than $12 million in the current fiscal year, according to credit analyst Moody's. The restructuring provided Hartford short- term budget relief, but the effects are starting to wear off, and both city officials and credit analysts say it's unlikely city govern- ment could refinance its debt again in the short term. That's leaving Hartford with little Continued on page 12 Hartford Mayor Luke Bronin Hartford's Debt Service (in 000s) There are often differences between the annual debt payment city leaders build into the budget and what the city actually pays. There were significant differences in 2015 and 2016, mainly due to a major debt restructuring that began in 2013. S O U R C E : H A R T F O R D B U D G E T D O C U M E N T S $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 2011 2012 2013 2014 2015 2016 2017 2018 2021 Budgeted Debt Service Actual Debt Service Projected Debt Service

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