Hoping to stave off cuts in the next state budget, nonprofit social service providers said privatizing an array of services for the intellectually disabled and mentally ill could save more than $1.3 billion in total over the next three years.
State Budget
Posted inMoney
CT revenues take a tiny bump up as Malloy preps next budget
General Fund revenues for this fiscal year and each of the next two have grown — but by a tiny fraction of 1 percent in each case — according to a consensus report from Gov. Dannel P. Malloy’s budget agency and the legislature’s nonpartisan Office of Fiscal Analysis.
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Children’s group says tax hikes must be part of CT budget fix
A progressive children’s advocacy group has issued the first call for a major tax increase to help solve the state’s latest budget crisis, outlining more than $3 billion in revenue-raising options.
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Malloy won’t reassure CT towns they are safe from the budget axe
Gov. Dannel P. Malloy offered worried municipal leaders Wednesday no assurances they would be spared from cuts to local aid as he and the General Assembly grapple with another major deficit in the next state budget.
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Future payment scheme takes a heavy present toll on state pension fund
The latest valuation of Connecticut’s state employee pension fund, which assumes the plan pending before the legislature would be ratified, shows it would push the fund into its worst fiscal shape in three decades.
Posted inMoney, Politics
House Democrats block GOP bid to require votes on labor deals
In the first partisan fight of 2017, Democrats in the House of Representatives blocked a Republican proposal Wednesday that would have ended a longstanding practice of approving state employee contracts without a vote.
Posted inMoney, Politics
Towns watching grant cut as harbinger of things to come
Connecticut’s municipal leaders are watching closely to see how swiftly —if at all — lawmakers and Gov. Dannel P. Malloy release $30 million in promised-yet-withheld capital improvement funds for cities and towns once the new legislative session gets underway.
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One study finds Connecticut a fine place to do business
A new study issued this month by the Council on State Taxation concludes Connecticut actually is tied for the most favorable business climate — if one considers not just the cost of doing business, but the potential for earning big profits here. But it warns against interpreting that to mean that Connecticut is a low-tax environment overall.
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Union concessions still key focal point in a time of hard tradeoffs
With Gov. Dannel P. Malloy’s proposal less than seven weeks away, his budget director warned that unless unions grant further concessions, avoiding major tax hikes likely would require significant cuts to municipal aid, social services, higher education — and more layoffs.
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Malloy administration says cost-cutting has reduced CT budget deficit
Gov. Dannel P. Malloy’s administration scaled back its deficit forecast Tuesday for the current fiscal year, citing additional savings in the Judicial Branch and in fringe benefit costs.
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GOP: CT lawmakers must go on record on new pension deal
The fate of Gov. Dannel P. Malloy’s plan to restructure the state employee pension system — which would shift billions of dollars of costs onto future taxpayers — mustn’t be resolved without votes by the House and Senate, according to the top Republicans in both chambers.
Posted inHealth, Money
DDS group home privatization effort slows down — for now
Gov. Dannel P. Malloy’s plans to privatize 40 group homes and lay off nearly 500 Department on Developmental Services employees next year — as well as union efforts to block those actions — are temporarily on hold, but have not gone away.
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Lembo says all is not bleak in CT’s fiscal forecast
One day after analysts briefed the legislature’s budget panels on surging retirement benefit and other debt costs that could imperil state finances through the early-to-mid 2030s, Comptroller Kevin Lembo peppered his monthly budget forecast with “positive economic indicators that are worth highlighting.”
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S&P warns CT: Surging debt costs could lower bond rating
While legislators learned Wednesday how surging debt costs would hamper the next state budget, a major Wall Street credit rating agency downgraded its outlook for Connecticut for the same reason.
Posted inEducation, Health, Money, Politics, Transportation
Walker: ‘Devastating’ cuts cannot solve CT’s budget woes
As analysts outlined a grim picture Wednesday that could include further cuts to state social services and reversing recent enhancements in local aid and transportation, one key lawmaker insisted officials must discuss raising revenue in 2017.