Social services advocates warned Thursday that a series of new caps in the state budget could dramatically drain resources away from municipalities, education and services for children over the next decade.
volatility cap
Posted inPolitics
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.
Posted inMoney
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.
Posted inMoney
Connecticut ‘locks’ into new budgetary restraints in three weeks
In less than three weeks state government will contractually bind itself to a new series of budgetary controls for the next five years despite numerous warnings the maneuver could cause fiscal chaos.
Posted inMoney
CT gets $2B windfall, but can’t spend most without breaking cap
Connecticut legislators are expected to have nearly $2 billion in additional revenue available to balance the next state budget, a bonanza not seen since before the last recession, according to a new report Monday from state analysts.
Posted inMoney
Would an April income tax bonanza tempt lawmakers to abandon fiscal reform?
If April state income tax receipts continue to grow, will legislators be tempted to abandon a new capping system that compels the state to save, rather than spend, much of these funds?
Posted inMoney
CT income tax receipts surging, but most can’t be used to balance budget
State income tax receipts are projected to surge by $900 million in a report due next week. But because of new spending controls in the state budget, legislators can’t use the bulk of that to mitigate a $224 million deficit.