Bross Chingas Bross Real Estate, Riverside Realty, #1 in 2013
Leslie Clarke Homes, your real estate solution, Westport, CT 203-984-1856Call for entries application deadlines: Art About Town and Westport Fine Arts Fest
Molly Lane, Exceptional Properties Specialist: Fairfield County Homes, 917-670-4842
Sunday, January 25, 2015

Tuesday, December 04, 2012

State Needs Emergency Financing to Pay Bills Promptly

Digg Favicon Email Favicon Facebook Favicon LinkedIn Favicon  

By Keith M. Phaneuf

State government may to need secure $550 million in emergency financing to ensure it can pay its bills promptly this winter, according to a plan prepared by state Treasurer Denise L. Nappier and approved Monday by Gov. Dannel P. Malloy.

That proposal wraps a calendar year during which the treasurer frequently had to temporarily transfer funds from various capital programs to keep government’s operating accounts running smoothly.

This marks the second time in three years the state has needed short-term financing to help cover its operating expenses.

“For several months I have reported reduced cash levels for the state, particularly within the common cash pool that funds daily operations,” Nappier wrote Monday in her letter to the governor, adding she recently had to transfer another $362 million from capital programs after operating accounts slipped into the red. “Circumstances now warrant a contingency plan for ensuring adequate cash resources.”

Click here for more of story

Posted 12/04 at 08:36 PM 

Comments:     Comment Policy

Looks like we are in real trouble.  Connecticut now showing negative balance and we are looking to borrow money to fund everyday business.  Governor Malloy has run CT into the ground.  This is really bad.

Just announced the state of Connecticut is low on cash, so state Treasurer Denise Nappier is seeking Gov. Dannel P. Malloy’s approval to seek up to $550 million in credit.
Connecticut has depleted all but $103 million of the $1.4 billion budget reserve as the state’s cash position has steadily fallen.  The treasurer had to transfer $366 million from bond fund investment accounts.  The common cash pool has a negative balance.

The treasurer has requested and the Governor has approved the need to borrow funds externally in order to fund cash flow requirements for current operations.

This is really bad—the Governor-if you remember—signed a document that does not allow him to layoff any workers for 4 years!!  We are in real trouble.

Posted by Bart Shuldman on December 05, 2012 at 09:36 PM | #

Raise Taxes - collect less money while we are spending more!

Posted by Michael Calise on December 06, 2012 at 02:35 AM | #

You need to Register and be logged in to post comments. If you are already registered but are not logged in, you can Login here.





Remember my personal information

Notify me of follow-up comments?

You must be logged in to comment. You must also answer the question or solve the equation below:

1 + 7 = ? (1 character(s) required)

Please note by clicking on "Submit" you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Inappropriate posts may be removed.

<< Back to main