By Keith M. Phaneuf and Jacqueline Rabe Thomas
The Senate voted early today to rebalance Connecticut’s credit card in the face of shrinking tax revenues, canceling or delaying about $1 billion in financing for a wide array of projects and programs.
Outside of this rebalancing process, the bond package for the 2016-17 fiscal year also authorizes $382 million in new borrowing for municipal school construction, down significantly from financing for local schools approved in recent years.
The Senate enacted the measure 34-2. It now heads to the House of Representatives, which is expected to consider the bill Friday.
The cancelations affect capital projects at public colleges and universities, municipal school districts, economic development programs, social services, housing, recreation and the environment, transportation, and numerous state facilities and information technology systems.
