Gov. Dannel P. Malloy’s administration last month warned dozens of state agency heads of a significant shortfall in the current budget — but continues to officially report that finances remain in balance.
State Budget
Posted inMoney, Politics
CT budget closes in deficit again; little reserves left for this year
Connecticut officially closed its second consecutive fiscal year in deficit Friday, shrinking its budget reserve to a low level as threats of another shortfall loom.
Posted inMoney, Politics
CT legislature’s chief investigative panel to lose all staff
State legislative leaders have eliminated the General Assembly’s chief investigative arm, reassigning most Program Review and Investigations Committee staff to other duties.
Posted inPolitics
GOP legislative candidates begin push to grab seats this fall
While House Republicans made it clear they would highlight Democratic legislators’ cooperation with Gov. Dannel P. Malloy — whose unpopularity is marked in recent polls — the Senate GOP took aim at Connecticut’s fiscal woes.
Posted inMoney
CT Spending cap problem: slow economy and rising debt costs
The state panel trying to fix state government’s spending cap is struggling to balance modest growth in household income against the rapidly rising cost of state retirement benefits.
Posted inMoney
Towns will craft their own plan to regionalize, ease local tax burden
As state officials increase their warnings that municipal aid may be curtailed in the coming years, Connecticut’s cities and towns will craft their own plan to regionalize services and make local government more efficient.
Posted inMoney
Towns wary of local spending cap as state begins revenue sharing
Enjoying their first infusion of state sales tax receipts — albeit not as much as promised — Connecticut’s cities and towns remain wary of a revenue-sharing program that comes with a controversial spending cap.
Posted inHealth, Money
Parents of disabled urge Malloy to scrap privatizing group homes
Parents of intellectually disabled adults expected to be transferred from state-run group homes to private care reacted Tuesday with a mix of anger and appeals for compassion.
Posted inMoney, Politics
Malloy releases funds withheld from CT watchdog agencies
Gov. Dannel P. Malloy’s administration relented Friday in its controversial battle to cut the budgets of state government’s autonomous watchdogs — as it has other agencies’ budgets — to help balance Connecticut’s finances.
Posted inMoney
S&P analysis: CT less prepared than most states for recession
Connecticut is “poorly poised” to handle a moderate recession when compared to other states, according to a new analysis by Standard and Poor’s Global Ratings Tuesday.
Posted inMoney
Temporary reprieve for Old State House amid squabbling
Updated at 6 p.m.
It looks like the Old State House won’t be stripped of its artifacts after all, but the Hartford landmark remains closed to the public while legislators and Gov. Dannel P. Malloy reconsider a budget provision that slashed funding and gave the building to a reluctant new landlord, the Department of Energy and Environmental Protection. Speaker J. Brendan Sharkey says the administration’s opposition seems “petulant.”
Posted inEnergy & Environment, Money
Old State House will lose historical memorabilia — for now
Connecticut’s Old State House in Hartford, recently closed to the public because of budget cuts, will soon lose the paintings, antiques and other historic memorabilia it has housed for years — for the same reason.
Posted inMoney, Politics
Analysis: CT bond premiums grow debt by $550M since 2011
State government added more than $550 million to its enormous debt burden over the past five years through its controversial practice of using borrowed funds effectively to support operating costs. An analysis prepared by Treasurer Denise L. Nappier’s office also noted, however, that the interest costs on these bond premiums are more manageable than some critics realize.
Posted inMoney
Administration’s final CT budget report has good news and bad
The final report from Gov. Dannel P. Malloy’s administration on the just-completed fiscal year says the deficit for the 2015-16 fiscal year improved modestly, from about $316 million to $279 million, largely because of a last-minute surge in federal grants. But it also shows further erosion in tax receipts.
Posted inMoney
Another Wall Street agency downgrades CT’s credit rating
Connecticut’s longstanding fiscal problems continued to raise concerns on Wall Street Tuesday as a third major rating agency downgraded the state’s credit ranking. Kroll Bond Rating Agency announced its downgrade Tuesday, citing Connecticut’s high debt, low reserves, eroding income tax receipts and a lack of wage growth.