AN ACT CONCERNING THE DESIGNATION OF CERTAIN MUNICIPALITIES REFERRED TO THE MUNICIPAL FINANCE ADVISORY COMMISSION AS TIER I MUNICIPALITIES.

HB 7005 automatically designates municipalities with populations under 25,000 (per the latest census) as "Tier I" municipalities when referred to the Municipal Finance Advisory Commission. Larger municipalities (25,000+ population) may be designated Tier I based on a financial evaluation by the Commission. Municipalities not currently meeting Tier I criteria can apply for designation if they plan to meet requirements within 24 months and submit a financial report. All Tier I municipalities must submit a five-year financial plan for Commission review and approval. This bill directly affects local governments in Connecticut with populations below 25,000 and those seeking Tier I status.