State Comptroller Kevin P. Lembo unveiled a detailed plan Thursday to help Connecticut dodge a fiscal iceberg nearly two decades from now by capping its annual pension costs below $2.3 billion through 2033.
Though the new state budget is just two months old, Connecticut’s chief fiscal watchdog already is warning about several problems that could push state finances into the red.
State Comptroller Kevin P. Lembo’s office announced Thursday that a huge, decades-old backlog in finalizing state pensions should finally be alleviated over the next 18 months. And Lembo said a new automated system also would make it easier for state workers to research their future benefits.
Negotiators for the state and its employee unions have reached a tentative agreement that could resolve a long-running controversy over state disability pension payments, the state’s chief labor negotiator said Thursday.
A state whistleblower and former attorney for Connecticut’s retirement systems has filed a lawsuit alleging corruption and malfeasance in the handling of millions of dollars in disability pension benefits. The lawsuit expands upon concerns raised last week by the state’s auditors and alleges that mishandling has put the state’s retirement systems at risk of losing federal tax law protection.
A representative of Gov. Dannel P. Malloy’s administration told state retirement officials Thursday that the administration is negotiating with employee unions and hopes to soon resolve a controversy involving millions of dollars in disability benefit payments.
The state auditors issued a special report Wednesday disclosing a major breakdown in safeguards in the comptroller’s office that could have led to the improper payment of millions of dollars in disability retirement benefits.
State Comptroller Kevin P. Lembo agreed Wednesday with nonpartisan analysts that the budget deficit is worse than Gov. Dannel P. Malloy administration is projecting. But while Lembo also urged the governor and legislature “proceed without delay” to reduce the shortfall, his $172.8 million deficit forecast falls just short of the level that would compel the governor to prepare a deficit-mitigation plan.
Connecticut’s budget debate boiled over late Tuesday as the legislature’s top Republicans charged that Comptroller Kevin P. Lembo’s political affiliation has trumped his fiscal integrity. Sen. Len Fasano and Rep. Themis Klarides accused Connecticut’s chief fiscal watchdog of ignoring red ink to help Gov. Dannel P. Malloy – a fellow Democrat – save face.
State Comptroller Kevin P. Lembo gave Gov. Dannel P. Malloy a big vote of fiscal confidence Monday, certifying that Connecticut’s $89.4 budget shortfall is well below the emergency level of one percent, or $174.6 million.
Still struggling to pay its debt from the last recession, Connecticut might have avoided that emergency borrowing – and have double its current reserves – had it followed a new savings strategy unveiled Tuesday by Comptroller Kevin P. Lembo.
Comptroller Kevin P. Lembo intends to change state government’s saving habits with a new reserve system that takes into account Connecticut’s lucrative-yet-volatile relationship with Wall Street.
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.
After applying Gov. Dannel P. Malloy’s recent emergency budget cuts, state finances are on pace to finish nearly $45 million in deficit, Comptroller Kevin P. Lembo reported Monday.
It’s came as no surprise this week when Gov. Dannel P. Malloy’s administration reported the state budget was in balance. What was far more surprising, though, was the added assertion there are no signs of cost-overruns in any of the dozens of agencies supported by this year’s $19 billion budget.