With the state facing a $3.5 billion budget hole and the legislature unable to reach a budget agreement, Gov. Dannel Malloy put forth a revised budget which offers a mix of smaller tax increases and municipal cuts. The governor’s "compromise" budget offers some mandate relief to municipalities but would require towns to pay a portion of teacher pensions, albeit less than his original budget proposal.
Reports surfaced Monday about a tentative deal between Gov. Dannel Malloy and the state employee labor unions to achieve $1.5 billion in concessions over the next two years and extend the state employee contract to 2027. However, a five year contract extension will mean Connecticut will be saddled with the union deal, negotiated by Gov. John Rowland, for as long as most people have mortgages.
Billionaire and hedge fund manager Paul Tudor Jones has left Connecticut and moved to Florida according to a report in Bloomberg News. Jones, the head of Tudor Investment Corp., opened an office in Palm Beach, Florida, and registered to vote there in November 2015. Jones’ 2014 income as a hedge fund manager was listed as $600 million by CNN Money, which would make his annual income tax about $30 million per year. The state of Florida has no income tax.
Groton has been trying in vain to meet state racial balance requirements for its schools since 2000, but now city leaders have a new idea: build one giant middle school. The effort - known as the Groton 2020 plan - comes with a price-tag of $191.7 million. With up to 80 percent of construction costs being paid for by the state, the Groton 2020 plan is a prime example of how court-imposed racial balance guidelines are forcing districts to build new schools and costing towns and the state millions. Yet, despite the money spent many remain dissatisfied with the results.
In the face of mounting deficits after years of unsustainable policy, Democratic Party leaders appear to have made a shift, albeit one that has turned their most ardent supporters into some of their harshest critics. “Hopefully the governor won’t do any more layoffs,” one member said. “Stop building so much stuff,” he added. “They’re spending money. They’re renovating things. They have to stop spending money that way - foolishly.”
Connecticut collects revenue from at least 371 unique sources of revenue, but the bottom 200 don’t even produce 1 percent of total state revenue. Are these really worth keeping? Yankee examines the issue in Too Small to Keep. The research from the Yankee Institute reveals that most state agencies actually ...