Connecticut made a historic $1.6 billion payment toward its $40 billion pension debt thanks to the state’s volatility cap, and that payment is expected to achieve significant savings over the next four years, according to […]
fixed costs
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 […]
Connecticut’s fixed costs like Medicaid, debt service and retiree benefits continue to grow faster than state revenue and make up 52 percent of the state’s budget, according to the Office of Fiscal Analysis. In fiscal […]
A new annual report from Truth in Accounting found Connecticut has $67 billion in bonded debt and unfunded retirement costs, making it the third most indebted state per taxpayer in the nation. The total debt, […]
The Connecticut Business and Industry Association on Monday issued a statement saying that although infrastructure is important to Connecticut’s economy, the association could not support “adding additional cost burdens, like tolls, on individuals and businesses.” […]
The steady drip of information and budget ideas from the governor’s office over the past two weeks finally culminated with Gov. Ned Lamont’s first budget proposal, which will be sure to please practically no one. […]
Governor-elect Ned Lamont will face a daunting task when he and fellow Democratic lawmakers assume full control of the state’s finances in January, according to a newly released report by Truth in Accounting.
What are the major cost driver's of Connecticut's deficit in 2020?
Moody’s Investment Services warned that Connecticut’s debt service, pension liabilities and retiree healthcare liabilities – known as the state’s fixed costs – “will continue to weigh” on the state, even with healthy revenue growth in a report on surging pension liabilities.
Although Connecticut’s 2017 budget crisis may have come to an end when Gov. Dannel Malloy signed the bipartisan budget on Tuesday, the next budget promises to be just as difficult.
The nonpartisan Office of Fiscal Analysis is already projecting a $4.6 billion deficit, largely due to the rapidly rising costs of pensions, retiree healthcare and debt service combined with declining tax revenue. Fixed costs now consume more than 50 percent of General Fund expenditures.
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