Governor Ned Lamont and Department of Economic and Community Development Commissioner David Lehman today remarked that the administration’s efforts to get Connecticut’s fiscal house in order are succeeding as reflected in the U.S. Bureau of Economic Analysis’ announcement that Connecticut’s gross domestic product (GDP) increased by 2.1 percent during the third quarter of 2019. They …
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The Progressive Caucus of the state Legislature unveiled its alternative budget proposal today, downplaying the Governor’s proposed “sin taxes” and sales tax increases on household goods and services and instead pushing for a higher marginal income tax on high earners and a tax on capital gains. Members said initial estimates indicate their proposals would offset …
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In Swan Song, Governor’s Budget Chief Presents Malloy’s Final Revenue Proposal, Covering FY 2019, to Finance Committee Governor Malloy’s unflinching budget chief Ben Barnes today presented the Finance Committee with the Governor’s final revenue proposal—Governor Malloy has chosen not to seek re-election after two terms – covering 2019. The Finance Committee held a public hearing …
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The Comptroller today issued a letter to the Governor on the 2018 projected deficit that will require the Governor to submit a Deficit Mitigation Plan (DMP) to the legislature. The comptroller has officially certified the size of the deficit at $207.8 million, based upon information provided by the Governor’s budget office. This certification triggers the …
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With the ink barely dry on the recently enacted 2018-19 budget in late October, as well as a bill aimed at addressing hospital taxes, and millions in holdbacks issued by the Governor last Friday, today we learn the state deficit for 2018 continues to grow. State law requires that when the deficit reaches 1% of …
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A little less than a week since the Legislature sent the Governor a $40 billion, bipartisan budget bill for FY 18-19 and some 120 days passed the deadline, the Governor today signed all but the appropriation line items for a hospital tax – a core piece of the budget. He said the provisions run afoul …
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With little or no interaction and few signals from legislative leaders that a new budget proposal may be on the horizon for FY 18-19, Governor Malloy today offered his fourth proposal to pay the state’s bills and balance the budget during the biennium. The Governor’s new proposal would cut spending by a total of $144 …
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Economic Stability on Everyone’s Mind Inside and Outside the Capitol The Legislature’s nonpartisan Office of Fiscal Analysis (OFA) today issued its annual fiscal report card for fiscal years 2017-2020. In the short-term, OFA is projecting a Fiscal Year (FY) 2017 deficit of $77.5 million. The adopted FY 17 budget anticipated a surplus of $22.7 million. …
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OFA, Comptroller Hear Earful about Budget Dysfunction, ‘Dissonance’ On Wednesday, the Legislature’s nonpartisan Office of Fiscal Analysis (OFA) fielded a battery of questions from a half dozen GOP lawmakers who wanted to know why there were discrepancies in the 2017 budget deficit numbers recently provided by the Governor’s budget office and OFA. Fast forward one …
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Fiscal Woes Continue to Haunt State; Path Forward Becomes Ever More Difficult The state just can’t seem to make the numbers do what it wants them to: head toward a positive trajectory. A look back at the 2016 Fiscal Year (FY), which closed on June 30th, illustrates in stark relief how difficult budgeting and revenue …
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