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 […]
office of fiscal analysis
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 […]
Connecticut’s overtime costs rose $5 million over the course of fiscal year 2021, topping out at $239 million, according to the Office of Fiscal Analysis. Despite declining numbers of incarcerated people in Connecticut’s prison system, […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
