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Posted inMoney, Politics

Analysis: CT bond premiums grow debt by $550M since 2011

State government added more than $550 million to its enormous debt burden over the past five years through its controversial practice of using borrowed funds effectively to support operating costs. An analysis prepared by Treasurer Denise L. Nappier’s office also noted, however, that the interest costs on these bond premiums are more manageable than some critics realize.

Posted inHealth, Money, Politics

Malloy’s ‘across-the-board’ cuts target education, town aid and social services

To offset new taxes that have rankled business groups, Gov. Dannel P. Malloy proposed trimming up to 1.5 percent of discretionary spending in the new state budget. But the administration’s proposal shows the bulk of the cuts would likely fall on education, municipal aid, health care and social services. And a key legislator has warned that most of those areas could face even deeper cuts once the new fiscal year is underway.

Posted inMoney, Politics

Treasurer: Malloy plan could harm state’s reputation with investors

State Treasurer Denise L. Nappier warned Gov. Dannel P. Malloy on Friday that one component of his new budget could harm Connecticut’s reputation on Wall Street. In a letter released to the media Friday evening, Nappier – a Democrat – called the Democratic governor’s plan to rely on $325 million in borrowing to cover operating costs “too aggressive.”

Posted inMoney

Governor’s budget needs $300M in borrowing to stay in balance

Gov. Dannel P. Malloy’s new budget would need more than $300 million in borrowing to cover operating costs over the next two years if projections from nonpartisan analysts and the treasurer’s office are correct. The governor’s budget relies on a controversial fiscal practice that faces increasing scrutiny and drives up the interest rates Connecticut pays to borrow funds for school construction and other capital projects.