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Friday, May 02, 2014

New CT Budget Deal Delays Tax Breaks, Dumps Keno

By Keith M. Phaneuf, Arielle Levin Becker, and Jacqueline Rabe Thomas

www.ctmirror.org

Gov. Dannel P. Malloy and Democratic legislative leaders today announced a tentative budget deal that postpones tax relief for teachers and consumers, repeals the launch of keno and relies on tens of millions of dollars in questionable assumptions about savings.

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Gov. Dannel P. Malloy with House Speaker J. Brendan Sharkey, and Senate President Don Williams. (CLICK TO ENLARGE) Ctmirror.org photo

Full details of the agreement –- the product of hectic last-minute negotiations to counter shrinking tax revenue projections this week—were not released during a late morning press conference at the Capitol. Malloy’s budget director, Office of Policy and Management Secretary Benjamin Barnes, confirmed that the agreement preserves $70 million in new grants to cities and towns, but that it suspends a new, $9 million tax break for municipalities.

The deal also cuts about $20 million over several years from a new initiative to shore up the finances of the merged public college and university system.

And this year’s budget surplus, once projected at $505 million but reduced this week to $43 million, would be deposited in the emergency reserve, commonly known as the Rainy Day Fund.

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