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Headlines : Connecticut
Malloy Budget Drawing Fire On 'Gimmicks'
A $700 million bond sale in November is among a number of accounting measures Republicans and other critics are questioning as exactly the kind of fiscal gimmicks Mr. Malloy had vowed to end when he took office last year.
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Headlines : Connecticut
Is next state tax debate nearer than expected?
Gov. Dannel P. Malloy insists he won't seek more taxes this session after raising more than $1.5 billion last spring, but Republicans already are questioning whether more tax talk is dead -- or simply being swept under the rug until after the November legislative elections.
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Headlines : Connecticut
State Budget Deficit Grows to $144.5 Million
In more bad financial news for the state, the legislature's nonpartisan fiscal office now says the state budget deficit has grown to a projected $144.5 million because the the state is spending more than expected and collecting less revenue than projected, despite tax increases last year.
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Headlines : Connecticut
Malloy to make cuts to cover $73.6 million deficit
Connecticut Gov. Dannel P. Malloy plans to use his budget-cutting authority to trim programs across state government and impose new restrictions on hiring to help cover a projected $73.6 million deficit that has developed in this year's state budget.
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Headlines : Connecticut
Connecticut Eyes Pension Overhaul
Connecticut Gov. Dannel Malloy on Monday called for pumping up payments into the State Employees Retirement System, one of the nation's most under-funded public pension funds.
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Gov. Dannel "Dan" Malloy
210 Capitol Avenue
Hartford, CT 06106
Phone: (800) 406-1527
Fax: (860) 524-7395
Robert L. Genuario, Secretary of Policy & Management
Office of Policy & Management
450 Capitol Avenue,
MS 53 BUD
Hartford, CT 06106-1308
Phone (860) 418-6200
Fax: (860) 418-6487
www.opm.state.ct.us
robert.genuario@ct.gov
2012 Legislative Calendar: Regular Session convenes February 8, adjourns May 9.
Legislative Budget Leaders:
Sen. Eileen Daily (D), Co-Chair Finance, Revenue and Bonding Joint Committee, Daily@senatedems.ct.gov (800) 842-1420
Rep. Patricia M. Widlitz (D), Co-Chair Finance, Revenue and Bonding Joint Committee, Patricia.Widlitz@cga.ct.gov (860) 240-8585
Sen. Toni Nathaniel Harp (D), Co-Chair Appropriations Joint Committee, (860) 240-0393
Rep. Toni Walker (D), Co-Chair Appropriations Joint Committee, Toni.Walker@cga.ct.gov (860) 240-8585
The current state budget can be found here.
Connecticut is required to pass a "balanced budget." Article XXVIII to amend the 1965 Constitution states that the "amount of general budget expenditures authorized for any fiscal year shall not exceed the estimated amount of revenue for such fiscal year." Moreover, Section 2-35 of state law requires an estimate of the revenue for each fund from which money is appropriated. The statute then requires that the estimated revenue going into the fund cannot be less than the moneys being appropriated out of the fund. Section 4-72 charges the governor to match revenues with expenditures.
Connecticut law allows the carrying over of a deficit from one year to the next. Connecticut budgets for two years at a time, and then evaluating and adjusting the budget midway through. Connecticut has an Office of Policy and Management, which is responsible for keeping an eye on the State's fiscal health.
Connecticut reports the following major funds: General, Debt Service and Transportation Funds. The budget is prepared on a "modified cash" basis of accounting under which revenues are recognized when received, except for certain taxes which are recognized when earned. The State budgets the following funds: General fund, Transportation fund, and Special Revenue funds (which is comprised of 8 lesser funds with no "total" columns). Budgetary Comparison Schedules are missing beginning and ending balances. It is unclear how many of the governmental funds are actually budgeted, but the noticeable difference between budget and actual figures would lead us to believe that not all funds are budgeted. [from the Institute for Truth in Accounting]
Find the state's bond ratings here.
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Revenue :
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HEADLINES: Connecticut
Is next state tax debate nearer than expected?
Gov. Dannel P. Malloy insists he won't seek more taxes this session after raising more than $1.5 billion last spring, but Republicans already are questioning whether more tax talk is dead -- or simply being swept under the rug until after the November legislative elections.
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HEADLINES: Connecticut
State Budget Deficit Grows to $144.5 Million
In more bad financial news for the state, the legislature's nonpartisan fiscal office now says the state budget deficit has grown to a projected $144.5 million because the the state is spending more than expected and collecting less revenue than projected, despite tax increases last year.
- View All Connecticut articles
Pensions :
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HEADLINES: Connecticut
Connecticut Eyes Pension Overhaul
Connecticut Gov. Dannel Malloy on Monday called for pumping up payments into the State Employees Retirement System, one of the nation's most under-funded public pension funds.
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HEADLINES: Connecticut
Moody's Cuts Connecticut Debt A Notch On Costs, Low Reserves
Moody's Investors Service downgraded Connecticut's general obligation debt a notch Friday, citing the state's high fixed costs, low pension funding and depleted reserves.
- View All Connecticut articles
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Solutions: Connecticut
E-Gov Could Cut Costs
E-governance, or the use of new technology to make government more efficient and effective, offers the ability for the state to provide information and deliver services to citizens at a far lower cost than the traditional bureaucracy.
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Connecticut
Connecticut Eyes Pension Overhaul
Connecticut Gov. Dannel Malloy on Monday called for pumping up payments into the State Employees Retirement System, one of the nation's most under-funded public pension funds.
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Connecticut
Moody's Cuts Connecticut Debt A Notch On Costs, Low Reserves
Moody's Investors Service downgraded Connecticut's general obligation debt a notch Friday, citing the state's high fixed costs, low pension funding and depleted reserves.
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Connecticut
Budget chief calls for legislature to tackle cash-starved pension system
"There is enormous work left to be done with respect to the fiscal condition of the state of Connecticut," Office of Policy and Management Secretary Benjamin Barnes told lawmakers as part of his office's Fiscal Accountability Report.
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Connecticut
Unfunded Liabilities Worse Than Forecast
Connecticut's pension system serving 175,000 active and retired state employees, teachers, and those in the judicial system reports an unfunded liability approaching $16 billion - an amount nearly equal to the state's entire annual budget.
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Connecticut
$100k Pension Club Includes 299 State Retirees
In 2008, 175 former Connecticut state employees received pensions worth at least $100,000. That number rose to 299 people in 2009 and is expected to continue rising.
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