City government · Southeastern Connecticut County, CT

New London's money: where it comes from and where it goes

In the latest recorded fiscal year (ended June 30, 2024), New London took in $148 million and spent $118 million.

Latest recorded year: ended June 30, 2024Comes fromGoes to

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Where it comes from

State tax money52%City taxes41%Fines and other3.8%County and local tax money1.5%Fees for services (parking, garbage collection)1.4%Federal tax money<0.1%

What stands out

52%

of New London's money comes from state tax money.A typical U.S. city of 10,000 to 50,000 people gets 7%.

City taxes41%

Property tax
40%$58.7 million
Other taxes
1.2%$1.8 million
What's in other taxesOther licenses
  • Other licenses$1.8 million

Amounts are by Census tax category.

Fees for services1.4%

Fees for services
1.4%$2.1 million
What's in fees for servicesParking; garbage collection and 3 more
  • Parking$1.3 million
  • Garbage collection$613 thousand
  • School lunches$97 thousand
  • Other service charges$66 thousand
  • Other school charges$14 thousand

Amounts are by Census type of charge.

Federal tax money<0.1%

Grants from Washington, paid for by the federal taxes residents also pay.

From the federal government
<0.1%$83 thousand

State tax money52%

Money the state passes on, paid for by the state taxes residents also pay.

From the state
52%$77.7 million

County and local tax money1.5%

Money passed on by the county or other local governments.

From the county and other local governments
1.5%$2.3 million

Fines and other3.8%

Interest, rents and other
3.8%$5.6 million

Where it goes

Schools and colleges96%Sent to other local governments3.0%Interest on debt0.6%

What stands out

96%

of New London's spending goes to schools and colleges.Most U.S. cities of 10,000 to 50,000 people spend nothing on this.

Spending by category100%

Schools and colleges
96%$114 million
What's in schools and collegesElementary and secondary schools
  • Elementary and secondary schools$114 million
Sent to other local governments
3.0%$3.5 million
What's in sent to other local governmentsSent to local governments: other and not broken out
  • Sent to local governments: other and not broken out$3.5 million
Interest on debt
0.6%$704 thousand
Sources and moreWhere these numbers come from and what they cover

City of New London. U.S. Census Bureau, 2024 Annual Survey of State and Local Government Finances, individual unit file, fiscal year ended June 30, 2024.

What this covers. The money of City of New London itself. Other governments that serve the same area (the city, county, school district and state) are separate and not included. Borrowing, transfers between a government's own funds, and pension trust funds are not counted as revenue.