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Report: state pension costs still could reach 'unaffordable' levels

CAFCA | June 20, 2018 |

Despite numerous reforms in recent years, state government’s pension costs still could reach “unaffordable” levels in the early 2030s, according to a new “stress test” analysis prepared for the Pew Charitable Trusts.In a report published by Harvard University, analysts also warned there is “significant risk” Connecticut will again look to extend those surging costs well into the future, effectively creating a series of “permanent high costs” that strip resources from other segments of the state budget.

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Connecticut’s Budget Is Still In The Red After Latest Revenue Estimates

CAFCA | January 16, 2018 |

HARTFORD, CT — Not counting the one-time windfall the state appears to have received from changes to the federal tax law, Connecticut’s revenues are still in the red by $260.1 million this fiscal year and $282.8 million in the next fiscal year. That’s according to the latest estimates from the nonpartisan Office of Fiscal Analysis and the Office of Policy and Management. Connecticut received a $675 million windfall from residents making early payments on their personal income taxes and from the repatriation of off-shore hedge fund income. However, an estimated $665 million of that will be transferred to Connecticut’s Rainy Day Fund based on new budget language that requires it.

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CT budget deficit crosses emergency action threshold

CAFCA | November 20, 2017 |

Gov. Dannel P. Malloy intensified pressure on the legislature Monday to come into special session to repair the new state budget, projecting a $203 million deficit that exceeds a key risk threshold. But while Malloy may now have to develop a deficit-mitigation plan, it remained unclear whether legislators would meet to resolve the shortfall before the regular 2018 session begins on Feb. 7. The governor, who warned lawmakers last month that he feared the budget they were crafting was not in balance, projected the deficit in his monthly report to Comptroller Kevin P. Lembo.

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Malloy Sees No Quick Resolution As Budget Stalemate Continues

CAFCA | August 30, 2017 |

Gov.Dannel P. Malloy spoke pessimistically Wednesday about the state budget — rejecting any increase in the state income tax and saying he does not see any quick resolution to the monthslong stalemate. During a one-hour meeting with The Hartford Courant’s editorial board, Malloy said that cities and towns need to tighten their belts because the state can no longer afford to keep sending them millions of dollars every year.

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After day of drama, Senate Democrats unite to back concessions

CAFCA | August 04, 2017 |

On a tie-breaking vote by Lt. Gov. Nancy Wyman, the Senate gave final approval Monday to a state-employee concessions deal after Democratic leaders mollified three dissenting colleagues with a promise to make a good-faith effort for fiscal reforms.

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Malloy prepares CT for life without a new state budget

cafca | July 06, 2017 |

Gov. Dannel P. Malloy struck a conciliatory tone Friday, urging legislative leaders to adopt a new budget even as he signed an executive order to begin managing state finances without one. Yet while he urged legislators to come together he also acknowledged he hasn’t shifted his own fiscal stand much since he proposed his first two-year budget to the General Assembly almost five months ago.

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Senate sends plan to close current CT budget deficit to House

CAFCA | May 30, 2017 |

The Senate unanimously approved a plan Tuesday evening to cover the $317 million state deficit in the current fiscal year — albeit by draining most of Connecticut’s modest emergency reserve.

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Wall Street agency warns CT budgets will be bleak for years

CAFCA | April 05, 2017 |

A major Wall Street credit rating agency warned investors Wednesday that Connecticut’s weak economy and surging retirement benefit costs are likely to plague state budgets and test the state’s fiscal management for several years to come.

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Malloy says budget remains in balance, despite nonpartisan warning

CAFCA | March 20, 2017 |

Gov. Dannel P. Malloy’s administration reported a modest $22 million surplus projection Monday for the current fiscal year — despite nonpartisan analysts’ warnings that eroding income tax receipts have created a $65 million deficit.

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Keep Connecticut's commitment to community action

CAFCA | February 16, 2016 |

As discussions and negotiations begin around the FY 2016-2017 midterm budget adjustments this legislative session, it is critical that the state continue its deep-seated commitment to Connecticut's Community Action Agency (CAA) Network and antipoverty efforts.

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