Connecticut lawmakers and Gov. Ned Lamont bridged a $3.5 billion biannual budget deficit during the 2021 legislative session, largely using federal COVID relief funds combined with some revenue and accounting adjustments the state has employed
budget deficit
Connecticut’s long-term debt grew $8.4 billion between 2019 and 2020 due to increased liabilities for Connecticut’s retirement systems, according to the newly released Comprehensive Annual Financial Report. Connecticut’s unfunded pension and OPEB liabilities increased from
Gov. Ned Lamont labeled his proposed budget “Connecticut’s Comeback” and that may be true in regard to Connecticut surviving the fiscal impact of the pandemic better than expected, but, according to the governor’s economic report,
Gov. Ned Lamont released his biennial budget proposal to close a $2.5 billion deficit, which relies on a mix of federal aid, a continued delay of sales tax revenue for municipal grants and maintaining some
As Connecticut’s legislature is sworn in, lawmakers and the governor will enter into the 2021 legislative session with a hefty Rainy Day fund but, because of the pandemic, also face lower revenue, budget deficits and
The new year will bring another round of wage increases for state employees and a new payroll deduction for everyone else, and House Republicans are calling of Gov. Ned Lamont to suspend both in light
Gov. Ned Lamont submitted a budget proposal on October 1 that draws down Connecticut’s Rainy Day Fund by $1.8 billion, maintains the corporate surcharge tax and implements a hiring freeze to bridge a projected $2
UConn Health Center is facing $114 million loss in revenue after the coronavirus pandemic emptied beds and ended a large number of medical procedures, according to the budget presentation given to the UConn Board of
The University of Connecticut is facing an estimated $50 million budget shortfall due to the COVID-19 pandemic and is having to furlough managers and cut its athletics department to make up for the deficit. Although
Connecticut union activists are planning a drive-by rally outside the homes of Connecticut’s wealthiest individuals in Greenwich on Thursday, May 21, calling for increasing taxes on the rich to plug an estimated $7 billion budget