bond premiums

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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. Continue Reading →

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Nappier: Malloy’s budget doesn’t cover state’s credit card bill

Gov. Dannel P. Malloy’s new budget proposal could be $50 million to $74 million out of balance if state Treasurer Denise L. Nappier and the legislature’s nonpartisan analysts are correct about what Connecticut owes on its credit card. Continue Reading →

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Borrowing to pay off debt could poke new holes in CT’s budget

The state’s controversial practice of borrowing to pay off debt now threatens to poke new holes in the budget — a small one this fiscal year and a larger one after June — just a few weeks after lawmakers and Gov. Dannel P. Malloy wrapped a special session to balance the books. Continue Reading →

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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. Continue Reading →

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Dispute over Malloy borrowing plan heats up

Updated 1:25 p.m. Tuesday
Tensions built Monday between Gov. Dannel P. Malloy’s administration and state Treasurer Denise L. Nappier over the governor’s controversial proposal to use $325 million in borrowed funds to pay off debt over the next two years. Continue Reading →

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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.” Continue Reading →

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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.
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GOP wants to team up with Democratic treasurer to rein in ‘bond premiums’

Republican legislative leaders hope they have a key Democratic ally in their fight to reform state budget practices tied to borrowed funds. Both Treasurer Denise L. Nappier, a Hartford Democrat, and nearly a half dozen GOP lawmakers have said they want to restrict how the state uses proceeds from bonds sold at premium rates. Continue Reading →

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Lembo reports CT budget deficit shrinks to $32M

The state budget deficit shrank modestly over the past month to $32 million, Comptroller Kevin P. Lembo reported Friday. But the state’s chief fiscal watchdog also noted that the deficit would have been larger were the budget not bolstered somewhat by borrowing that has become increasingly controversial in recent years. Continue Reading →

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Is Malloy poised to put much of the budget deficit on CT’s credit card?

Though Gov. Dannel P. Malloy insists spending cuts will be used to close this year’s $100 million budget deficit, GOP lawmakers say the Democratic governor is poised to use a rarely publicized bonding tool to effectively close much of the shortfall with borrowing. Continue Reading →

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