The Senate Tuesday night adopted, in concurrence with the House, a $24.2 billion FY23 midterm budget and tax package, which increases spending by $574.4 million, or 6.5 percent, over the current fiscal year. The bill was approved along party lines and now goes to the Governor for his signature. This election-year budget includes some $600 …
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Though nothing is ever written in stone when it comes to the legislative process, some current dynamics are leading to speculation that the 2022 General Assembly session that convenes Feb. 9th could be a little less frenetic. These dynamics include: a projected FY 2022 operating surplus of $915.6 million and a Rainy Day Fund that …
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Before heading to the G20 and Climate Summits with his international counterparts today, President Biden announced a deal on a budget reconciliation framework. It remains unclear whether all Democrats are on board and if it is sufficient to garner Progressives’ support. The framework document, a product of months and months of shuttle diplomacy, includes no …
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The 2021 virtual legislative session concluded at midnight June 9th on the heels of the Legislature’s adoption over the last two days of a bipartisan $46.3 billion 2022-23 budget that avoids new tax hikes—unless you count a bill voted on separately that imposes a new highway user tax, known as HUT, on heavy trucks. But despite …
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The Finance Committee today approved a tax package to support the $42 billion General Fund budget passed yesterday, making liberal use of an anticipated windfall from the federal government, and providing some tax breaks for the poor and middle class with new taxes on the wealthy and a new levy on digital media ads. The …
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On a largely party-line vote, the Appropriations Committee today approved a two-year General Fund budget totaling almost $42 billion for FY 2022-23, making generous use of federal assistance, unspent Medicaid funding and state surplus money to bolster human services, education and municipal grant programs. The proposed budget represents a 4.8 percent increase over fiscal year …
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State Budget Deficit Estimate Exceeds $2 Billion, Triggering Deficit Mitigation Plan In his first monthly economic update detailing fiscal year 2021, state Comptroller Kevin Lembo today projected a deficit of $2.1 billion for FY 21 and pegged the state’s Budget Reserve Fund (BRF) at $3.035 billion. The state fiscal year runs from July 1 to …
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Office of Policy and Management (OPM) secretary Melissa McCaw today released a deficit mitigation plan that lays out $200 million in budget adjustments and calls for using $1.8 billion from the budget reserve fund (BRF) to bridge a projected fiscal year 2021 deficit of $2 billion. State statute requires OPM to issue a deficit mitigation …
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Governor’s Budget Office Paints Dire Picture for FY 2022-23, Glossing Over Significant Budget Reserve Fund Appearing before the Legislature’s Appropriations Committee today, the Governor’s budget secretary, Melissa McCaw, sounded some cautionary alarms despite healthy budget reserves. Office of Policy and Management (OPM) Secretary McCaw said that General Fund deficits are projected to be $3.5 billion …
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Governor Lamont and his budget director, Melissa McCaw, gave an update on the state’s budget picture at his daily briefing today, as well as an overview of what Connecticut stands to receive from the federal government in COVID-19 relief. The Governor said the state is in “pretty good shape” through the end of the fiscal …
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