CT used billions of budget surplus dollars to pay down pension debt, freeing up $440 million annually to use for other programs.
Rainy Day Fund
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CT poised to pay down $3.6 billion in pension debt
Regular and supplemental payments into the state’s cash-starved pensions will approach $6.5 billion this year.
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Public sector pensions are prime beneficiary of federal COVID relief grants
More than six out of every 10 federal relief dollars built into the new state budget is earmarked for pensions.
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CT revenues shoot upward once again
As tax revenues continue to grow, Connecticut is on pace to close the fiscal year with $800 million to spare.
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Big variables cloud upcoming CT budget debate
Another potential wave of federal stimulus, a complex spending cap and other variables cloud the next Connecticut budget debate.
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Spiking tax revenue will wipe out state budget deficit, analysts say
Projected state revenues skyrocketed by $1.7 billion Friday, positioning officials to balance the next state budget without tax hikes.
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Analysts: Lamont, lawmakers face $4.3 billion gap in next two-year state budget
The shortfalls are due largely to the coronavirus-induced recession.
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Surging tax receipts take a huge chunk out of state’s projected budget deficit
The improved fiscal picture increases the likelihood Gov. Ned Lamont can avert major tax hikes next spring.
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Lamont’s plan to close $2B deficit could be to tap CT’s $3B rainy day fund
Don’t expect to see Gov. Ned Lamont propose big tax hikes or huge spending cuts to close a $2B deficit.
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New CT budget is $2.1 B in the red, but all may not be gloom and doom
Gov. Ned Lamont projects a $2.1 billion deficit, based partly on pessimistic stock market projections that haven’t come to pass.
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CT maxes out budget reserve as coffers approach $3.1 billion
The projections, much rosier than initially predicted, sparked renewed calls from lawmakers for more state spending to combat the pandemic.
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CT’s tax receipts continue to rise despite pandemic
State income tax receipts collected since the July 15 filing deadline continue to rise, bolstering Connecticut’s rainy day fund.
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Lembo: CT’s economic gains could slip away soon without more federal aid
Connecticut’s recent economic gains could soon slip away without more federal aid, Comptroller Kevin P. Lembo says.
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Connecticut’s record-setting rainy day fund is running on borrowed time
While state analysts struggle with economic uncertainty, they concede Connecticut’s vaunted budget reserve could be gone a year from now.
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Coronavirus begins to widen hole in state finances
The first sign that the coronavirus has infected Connecticut’s budget presented itself Wednesday.