Out of the $2 billion in pension payments Connecticut will make this year, the average is $38,212 and the largest is more than $322,000 for a retired University of Connecticut Health Center professor.
State Budget
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Ziobron to serve as Senate GOP budget director
Senate Minority Leader Len Fasano on Tuesday named outgoing Rep. Melissa H. Ziobron of East Haddam, who lost a Senate race last month, as the new budget director for the Senate Republican Caucus.
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Lembo confirms $250M state budget surplus
State Comptroller Kevin P. Lembo confirmed Monday that a recent surge in projected income tax receipts has left the current budget on pace for closing with roughly a $250 million surplus.
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Can efficiency save state government $1 billion per year?
Gov.-elect Ned Lamont must decide whether to spend hundreds of thousands of dollars to study whether Connecticut can save $1 billion annually simply by making government more efficient.
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A rainy day fund beckons, but Lamont insists on fiscal reforms
Ned Lamont’s biggest challenge as governor is likely to be devising and then selling fellow Democrats in the General Assembly on the “structural changes” he says are necessary to break Connecticut’s cycle of chronic budget deficits.
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Report: CT’s debt costs likely will grow faster than its revenues
Despite a 12-month surge in state tax receipts, Gov. Dannel P. Malloy’s budget office warned Thursday that Connecticut’s pension obligations and other debt will grow faster than revenues in the coming years.
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Malloy offers Lamont a blueprint to balance next CT budget
Gov. Dannel P. Malloy outlined a compromise path Thursday that would allow Gov.-elect Ned Lamont to modestly tap Connecticut’s reserves to avoid tax hikes — and still leave a sizable fiscal cushion to guard against the next recession.
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Surging tax receipts dramatically shrink hole in next CT budget
State tax revenue projections surged again Tuesday, shrinking the projected shortfall in the upcoming two-year budget — and leaving Connecticut with nearly $2.1 billion in reserves to combat it.
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Despite gains, Democrats may need GOP help to pass next CT budget
Despite their biggest gains in a decade, majority Democrats in the General Assembly have almost no margin for error if they hope to solve Connecticut’s next budget crisis without Republican votes.
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Lembo, Malloy, both see CT’s budget reserves on the rise
State Comptroller Kevin P. Lembo agreed Monday with Gov. Dannel P. Malloy’s administration that Connecticut could be poised to bolster its budget reserves significantly for a second consecutive year.
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The largest CT tax hikes of the past three decades
Here are the contenders, in chronological order, for the largest state tax hike of the past three decades.
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Malloy finally catches an economic break in his final budget
Gov. Dannel P. Malloy may be enjoying more economic good fortune during his last year in office than he did in the first seven years combined. State income tax receipts tied to Wall Street continue to surge, potentially leaving Connecticut with $2 billion in reserves 12 months from now.
Posted inPolitics
Is CT gearing up for another fiscal bait and switch?
With big budget deficits looming large, Connecticut’s next governor will be hard pressed to deliver a package of tax cuts legislators already have approved and scheduled to begin after the November election.
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Connecticut starting to beef up its meager fiscal cushion
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.
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CT has a surplus – for now
Gov. Dannel P. Malloy’s administration announced Monday that state finances have been running almost $138 million in the black since the fiscal year began on July 1.