Connecticut’s pension system may be in much worse shape than previously thought according to a new study from the Hoover Institution, a public policy think tank at Stanford University. In 2015, Connecticut reported its pension liability as $30 billion but the Hoover Institute study says that figure was actually $68 billion.
As Gov. Dannel Malloy and the state bond commission raced through their votes on $350 billion in new borrowing Friday, Connecticut’s credit rating was downgraded by Fitch Ratings Agency, giving Connecticut the third worst bond rating of the 50 states. But Connecticut’s lagging economy and heavy debt burden did not prevent the bond commission from borrowing nearly $50 million to give loans and grants to companies through the Department of Economic and Community Development.
In 2014, the Department of Correction spent $85.5 million in caring for the mental and physical health needs of Connecticut’s inmates under the terms of an agreement between the prison system and UConn Health Center's Correctional Managed Health Care program. However, according to an audit released Tuesday the true cost of that care is much higher.
The Metropolitan District Commission which provides water and sewer to the Hartford region has paid nearly $1 million in settlements to a group of former employees who had filed discrimination complaints against the agency, according to a review of the municipal water authority's board minutes.
An estimated 2,000 realtors and brokers gathered in Bushnell Park outside the Capitol building on Tuesday to urge lawmakers to create “A Connecticut We Can Sell,” and stop the outmigration crisis that is hurting homeowners, businesses and the real estate market.
A newly released report from state auditors begs the question: What is going on at the Connecticut Department of Education? Particularly egregious was the discovery that over 100 students – particularly athletes and academic high achievers – were being admitted to Hartford’s most prestigious magnet school without going through the lottery process.