Connecticut

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    • Research

      Public Sector Pension Reform: Addressing Pressing Fiscal Realities from a Long-Term Perspective

      TIAA-CREF Institute | by Thomas L. Gais and Paul J. Yakoboski | June 17, 2013

      There are persistent fiscal and demographic challenges in most states. The public sector workforce is aging as the baby boom cohort moves towards and into traditional retirement ages. Budgetary pressures at the state and local level make it difficult to increase plan funding and maintain the size of the public sector workforce.

    • Headlines

      Report Says State Budget Surpluses Don't Mean That Much

      Governing | by Ryan Holeywell | June 17, 2013

      A new study shows that many states could end the current fiscal year with surpluses in their general funds. While that may seem like good news, it's probably too early to get excited. That's because those positive numbers are largely the result of one-time influxes of tax revenue that came when investors sold off assets late last calendar year to avoid higher federal tax rates that came in 2013.

    • Headlines

      State pensions in America: Ruinous Promises

      The Economist | June 14, 2013

      States cannot pretend to be in good financial health unless they tackle pensions.

    • Headlines

      State pension reforms to result in more hybrid pension plans -- report

      Pensions & Investments | by Kevin Olsen | June 14, 2013

      More states will create hybrid plans in the future because of the less-volatile contribution levels and the fact that the defined contribution components are portable for a workforce that is now increasingly more mobile, according to a new report.

    • Headlines

      State Spending at Highest Level Since Recession as Revenue Rises

      Bloomberg | by William Selway | June 13, 2013

      Revenue is exceeding forecasts in 30 states this budget year, ending this month in most states, according to a report released yesterday by the National Governors Association.

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    Budget timeframe: Biennial


    Fiscal Year begins: July 1

    The current state budget can be found here and find the FY2013 supplemental budget here.

    Find the legislative session calendar here.


    Find the current legislative leaders here.

     

    CT Gov Malloy

    Gov. Dannel "Dan" Malloy
    210 Capitol Avenue
    Hartford, CT 06106
    Phone: (800) 406-1527
    Fax: (860) 524-7395

     

     

     

    Benjamin Barnes, 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

     

     

    Want a more robust, long-term look at your state's fiscal health, beyond the budget? There are two parts: Click here for the FY2011 Comprehensive Annual Financial Report (CAFR) compiled by the state government, and click here for information on the state's pension liabilities. 

     

    Ct State sealConnecticut 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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    • Solutions:

      How Reality-Based Budgeting Can Permanently Resolve State Budget Gaps

      State Budget Solutions | by Bob Williams | November 7, 2012

      State Budget Solutions recommends that state legislators take action in 2013 to resolve the serious state financial crises by changing their focus from inputs to outcomes by redesigning budgets from the ground up based on priorities and performance.

    • Solutions:

      How to Prevent Future Pension Crises

      by Cory Eucalitto | November 1, 2012

      The time for state and local governments to offer defined contribution retirement plans that protect both taxpayer dollars and public employee retirement security is now.

    • Solutions:

      State Lawmaker’s Guide to Evaluating Medicaid Expansion Projections

      The Heritage Foundation | by Edmund F. Haislmaier and Drew Gonshorowski | October 17, 2012

      Supporters of Obamacare claim that expanding Medicaid will entail little to no cost to state governments, since the federal government will fund the vast majority of the additional costs. Indeed, some analyses project states achieving savings from adopting the expansion. However, state lawmakers should be wary of accepting such analyses at face value.

    • Solutions:

      Medicaid Is Broken—Let the States Fix It

      The Wall Street Journal | by Paul Howard and Russell Sykes | October 15, 2012

      Block-granting Medicaid is the best way to deliver better, cost-effective care to the most vulnerable Americans.

    • Solutions:

      The Case for Reform: Prisons

      Right on Crime | August 1, 2012

      Prisons are supremely important, but they are also a supremely expensive government program, and thus prison systems must be held to the highest standards of accountability.

    • View All Solutions