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Tuesday, June 28, 2016

New State Budget Threatened Before it Starts

By Keith M.Phaneuf


With Connecticut’s new fiscal year set to begin Friday, serious issues — involving both spending and revenue — have arisen in recent weeks that challenge state government’s new spending plan before it’s even begun.

And a major Wall Street credit rating agency questioned Monday whether Connecticut’s fiscal house is in order, If not, the state could face its third consecutive year of deficits.

“With weak tax collections likely to carry over into fiscal 2017, the state has limited flexibility to maintain a balanced budget,” Moody’s Investors Service wrote in its latest Credit Outlook newsletter.

“Budget reductions are especially challenging to achieve in Connecticut, where fixed costs — the sum of pension contributions, retiree health contributions and debt service payments — claimed more than 25 percent of the state’s own-source governmental revenue in fiscal 2014.”

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Posted 06/28/16 at 07:02 PM  Permalink


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