Rainy Day Fund

Recent Posts

Surging CT income tax receipts bolster budget reserve

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 →

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Outgoing CT budget springs another leak, could threaten next year’s as well

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 →

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Malloy cools rhetoric, but stalemate continues on budget

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 →

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Malloy promises ‘very austere’ state budget next week

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 →

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Despite Malloy’s assurances, last CT budget closes in deficit

State Comptroller Kevin Lembo

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 →

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As deficit options dwindle, Malloy may be staring at a rainy day

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 →

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