The CT Mirror (https://ctmirror.org/tag/rainy-day-fund/)
Next month Connecticut will post its largest emergency budget reserve in a decade. But Connecticut only ranks in the middle of all states when it comes to amassing a fiscal cushion against the next economic downturn. Continue Reading →
After three consecutive years of draining its emergency reserves, state government is on pace to deposit nearly $780 million in its rainy day fund. Continue Reading →
An anticipated surge in state income tax receipts has bolstered Connecticut’s emergency reserves to nearly $900 million. But it remains unclear how much of that windfall is lasting — and how much is only an advance payment of funds Connecticut otherwise would receive in mid-April. Continue Reading →
The Senate unanimously approved a plan Tuesday evening to cover the $317 million state deficit in the current fiscal year — albeit by draining most of Connecticut’s modest emergency reserve. Continue Reading →
Senate Democrats unveiled a new plan Thursday to stabilize future state budgets years from now, offering a plan similar to one enacted into law just two years ago. The benefits might nor arrive for many years. Continue Reading →
Less than one month after Gov. Dannel P. Malloy and legislators closed a $220 million deficit in the budget that ends June 30, eroding tax receipts helped punch a new $141 million hole in finances, the administration reported late Wednesday. The last-minute shortfall in the outgoing budget threatens to intensify a bitter, fight over how to balance the next state financial plan. Continue Reading →
Gov. Dannel P. Malloy struck a conciliatory tone Tuesday a day after House Speaker J. Brendan Sharkey likened his latest budget proposal to “a personal hit list,” conceding legislative leaders have a difficult task building a consensus around deep spending cuts. But the governor remained at odds with the Democratic legislative majority leadership over how to close a $930 million budget gap before the session ends May 4. Continue Reading →
Gov. Dannel P. Malloy warned Friday that the spending plan he will offer state legislators next week will be a “very austere” budget with no tax hikes. The Democratic governor, who needs to close a deficit projection topping $500 million in the preliminary budget for 2016-17, also all but ruled out use of the state’s modest emergency reserve. Continue Reading →
The red ink legislators and Gov. Dannel P. Malloy must deal with beginning next week now outstrips Connecticut’s emergency reserves by almost $175 million, based on a new deficit forecast released late Monday. Continue Reading →
Despite having a relatively modest emergency budget reserve right now, Connecticut’s saving strategy is better than those in most states, according to a new study by Pew Charitable Trusts. Continue Reading →
It’s official. State government finished the last fiscal year in deficit, despite assurances from Gov. Dannel P. Malloy that this would not happen. Comptroller Kevin P. Lembo officially closed the books Wednesday on the 2014-15 fiscal year – which ended June 30 – determining it finished $113.2 million in the red. Continue Reading →
The panel studying Connecticut’s tax system got some sobering news Wednesday morning in separate reports detailing the state’s struggle to recover from the last recession and the challenge of closing the wealth gap between the cities and wealthy suburbs. Continue Reading →
Gov. Dannel P. Malloy’s hopes of avoiding a post-election deficit continue to dwindle with $116 million in red ink remaining in a fiscal year that ends in one week. Continue Reading →
The prospect of tapping Connecticut’s emergency budget reserve for the first time in Gov. Dannel P. Malloy’s tenure loomed larger Wednesday. Facing deficit forecasts ranging up to $191 million for the current fiscal year, the administration mustered emergency cuts of less than $14 million to offset that problem. Continue Reading →
The state’s budget rollercoaster ride through the current fiscal year took another dip Friday as Gov. Dannel P. Malloy’s administration reported a $133 million deficit, more than doubling the red ink from one month ago. Continue Reading →