Noting that Malloy indicated shortly after Election Day that he would reach out to both parties, Fasano said state government could miss a chance to improve confidence among businesses and the general public if it waits to begin discussions until the 2017 General Assembly session — which starts Jan. 4.
State Budget
Posted inPolitics
Q&A: Wyman talks budget, her role in the legislative discussion
Democratic Lt. Gov. Nancy Wyman may not have been elected in one of 36 districts of the Connecticut Senate, but she will effectively be the 37th state senator in the next legislative session. The Mirror sat down with Wyman to talk about her role.
Posted inMoney, Politics
In gloomiest forecast yet, deficit in next budget creeps up to $1.5B
Two days after taking a partial look at the next state budget, nonpartisan analysts cast a broader gaze Thursday — and offered their gloomiest forecast in the past 12 months.
Posted inMoney, Politics
Debt costs, shrinking revenues taking big toll on next CT budget
Surging debt costs and shrinking revenues alone will force state officials to cut $1.1 billion to $1.3 billion out of the next state budget to avoid tax hikes, according to separate analyses Tuesday from two fiscal agencies. But the two reports probably still don’t reflect the full cuts to discretionary programs that would be required to stave off tax hikes.
Posted inMoney, Politics
Malloy: Next budget will be very lean, without major tax hikes
Despite debt costs surging at unprecedented rates, Gov. Dannel P. Malloy said Tuesday his proposal for the next state budget would not feature any major tax hikes.
Posted inMoney, Politics
Eroding revenues widen gap in next two-year state budget by $500M
The projected deficit in the next two-year state budget has swelled by more than $500 million because of declining revenue projections, state fiscal analysts reported Thursday.
Posted inEducation, Money
Teacher pension costs to surge, widen hole in next state budget
State spending on retired teachers’ pensions is set to surge $282.7 million next fiscal year – a 28 percent increase the state is obligated to fund and is likely to worsen budget deficit projections for 2016-17 by $47 million.
Posted inMoney, Politics
Lembo says state finances are $42 million in deficit
State finances are $42 million in deficit this fiscal year, Comptroller Kevin P. Lembo wrote Tuesday, a modest shortfall that splits the difference between competing budget projections from Gov. Dannel P. Malloy and nonpartisan legislative analysts.
Posted inMoney, Politics
Lembo walking a tightrope in ‘silly season’ budget feud
As legislative leaders and Gov. Dannel P. Malloy engage in a partisan battle over the health of Connecticut’s budget, Comptroller Kevin P. Lembo insists he doesn’t want to stay out of the debate — just the political posturing.
Posted inMoney, Politics
Malloy: There’s a budget deficit, but it’s really, really small
Gov. Dannel P. Malloy reported a minuscule state budget deficit Thursday — projecting a $6 million shortfall in state government’s $17.9 billion General Fund.
Posted inMoney
CT’s fiscal woes could mean higher municipal borrowing costs
A major Wall Street credit rating agency warned Thursday that Connecticut’s state budget woes and “dim economic growth” could make it more costly for its cities and towns to get credit.
Posted inMoney, Politics
GOP calls for budget hearing, restoring comptroller’s oversight
Updated at 3:15 p.m.
Republican legislative leaders called Monday for immediate hearings on the state budget deficit controversy — and reform of a little-known law that compels the comptroller officially to confirm the governor’s budget’s projections.
Posted inMoney, Politics
Nonpartisan analysts: CT budget is $78M in deficit
The state budget is running a deficit — albeit a small one — the legislature’s nonpartisan Office of Fiscal Analysis reported Thursday. But it could have big political repercussions.
Posted inMoney
Lembo to Malloy administration: Explain conflicting budget projections
State Comptroller Kevin P. Lembo asked Gov. Dannel P. Malloy’s administration Thursday to explain why it withheld revenue estimates from his office last month that would show a $133 million deficit in the current budget.
Posted inMoney, Politics
GOP leader urges nonpartisan analysts to weigh in on CT budget controversy
The top Republican in the state Senate urged nonpartisan fiscal analysts Tuesday to complete their own assessment of the current state budget as soon as possible.