Budget numbers released by the Office of Fiscal Analysis show Connecticut’s budget deficit this year grew to over $1 billion, an increase of more than $687 million over the previous estimate. Gov. Ned Lamont had said this year’s deficit would be roughly $500 million, with next year’s deficit reaching $1.5 ...
The State of Connecticut and municipalities face a substantial burden – and now threat – from pension and retiree healthcare funds, as the stock market has plunged in recent weeks, which could leave taxpayers on the hook for higher annual payments. Pension and retirement healthcare funds are invested in the ...
At a press conference before a public hearing on Gov. Ned Lamont’s bill to toll trucks, Senate Republican Leader Len Fasano, R-North Haven, presented the fiscal note for the bill, which states that the revenue estimates from tolls are only “preliminary” and “not investment grade.” Senate Republican obtained the fiscal ...
Connecticut’s current year budget deficit increased once again, rising another $66 million over the previous estimate and topping out at $96 million, according to a budget report for the Office of Fiscal Analysis. This marks a $216 million difference between the budget, which estimated a $120 million surplus, and the ...
In 2008, Connecticut took out a $2 billion pension obligation bond in order to boost its teacher pension fund, which the state had underfunded for decades. The timing was calamitous as the country entered into the Great Recession which saw stock markets and real estate values tank – a period ...
A state employee pension fact sheet released by the Office of Fiscal Analysis on Monday showed that, despite efforts to fully fund Connecticut’s state employee retirement system, the funding ratio has dropped from 48 to 38 percent since 2011. Connecticut’s unfunded pension liabilities for state employees totaled $21.2 billion as ...