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Monday, January 25, 2016

Red Ink Gets Redder

By Keith M. Phaneuf


The red ink legislators and Gov. Dannel P. Malloy must deal with beginning next week now outstrips Connecticut’s emergency reserves by almost $175 million, based on a new deficit forecast released late today.

The legislature’s nonpartisan Office of Fiscal Analysis projects the current fiscal year’s budget deficit is $72.2 million. Coupled with a shortfall of roughly $507 million in the 2016-17 finances — which Gov. Dannel P. Malloy and the legislature must begin to adjust starting Feb. 3 — and the red ink to be resolved approaches $580 million.

And with just $406 million in Connecticut’s emergency reserve, commonly known as the Rainy Day Fund, lawmakers can’t simply tap the state’s savings account to balance the books in a legislative election year.

Malloy and the legislature thought they had found balance, at least for this fiscal year, when they adopted a deficit-mitigation plan in a December special session.

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Posted 01/25/16 at 09:56 PM  Permalink


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Can Westport vote in a State Representative that can make the difficult decision not to support the leadership in Hartford?  Deficits are growing just one month after Jonathan Steinberg supported the budget deal.  Just one month after he agreed to support the leadership in Hartford and not control the higher spending, not control the budget killing state benefits, not stop the overtime policies that are growing the pension liabilities, and he continue to support programs like a $1 BILLION cost to improve train service from New Haven to Springfield MASS.  yes—a BILLION program for 2,200 riders a day. 

Pension plan is over 50% UNFUNDED, and growing.  If more money is to added to the pension plan, which is projected at $1 BILLION, where will that money come from?  New taxes eventually?  Will Westport have to share our financial success with other communities that could drive Westport taxes higher?  Will our schools get affected?

When have we had enough?

Posted by Bart Shuldman on January 26, 2016 at 06:02 PM | #