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State Needs Emergency Financing to Pay Bills Promptly
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.”
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