Northeast

Oyster Bay Town Supervisor Joseph Saladino proposes slashing outstanding debt by $50 million in his first budget proposal since taking over the junk-rated Long Island municipality eight months ago.

Franklin Regional School District's financial adviser has recommended the board issue $9.9 million in bonds.

Robert Lamb of Lamont Financial Services is a veteran of municipal turnaround efforts in Connecticut.

New York City’s economy is taking a $400 million a year hit from subway delays, according to an economic analysis released by City Comptroller Scott Stringer on Sunday.

The state still lacks a budget as Democratic Gov. Dannel Malloy vetoed a Republican-crafted $40.7 billion biennial spending plan. Meanwhile, capital Hartford spirals toward a possible bankruptcy. Mayor Luke Bronin says increased state aid, bondholder flexibility and labor concessions are all needed to keep the city out of Chapter 9.

The cash-strapped gambling resort highlight's available property and the state's ability to offer tax breaks.

The state's treasurer, Seth Magaziner, cited the “back to basics” strategy his office undertook about a year ago.

The Rhode Island Infrastructure Bank is working to upgrade the state's poorly-rated infrastructure.

The rating agency cited the backing of the authority's transportation revenue bonds by a gross lien on operating revenues.

The firm, which returned this year to public finance, hired five bankers in Texas, Florida, Illinois and New York.