Yankee Institute Blog

Connecticut to issue a new type of bond for a new economic reality

Connecticut’s bond commission just approved another $1 billion in general obligation bonds to be issued for schools, capital projects and tax credits to businesses, but beginning in 2018 the state will begin to issue a new type of bond.

Included in the bipartisan budget package was a provision to issue new revenue bonds tied directly to Connecticut’s income tax, which the Treasurer’s office described as “stable and strong.”

Connecticut lost $2.6 billion in 2015 as high-wealth residents moved out

Newly released data from the Internal Revenue Service shows a record loss of high-income tax filers and their families in 2015 following the state’s second largest tax increase.

A total of $2.6 billion in adjusted gross income was lost to other states as Connecticut experienced a net loss of roughly 20,179 residents.

Connecticut dead last for personal income growth, according to Pew

The personal income growth for Connecticut residents was the slowest in the nation in 2017, according to a report by Pew Charitable Trusts.

Personal income in Connecticut for 2017 actually dipped .6 percent into the negative, and the residents’ personal income growth rate since 2007 has been an anemic .6 percent.

Contract dispute between Hartford HealthCare and Anthem draws ire of state employee unions

Connecticut state employees will have to pay more in order to continue using Hartford HealthCare’s network of doctors and health facilities – including Hartford Hospital – due to an ongoing contract dispute between the Hartford Healthcare and insurance giant Anthem.

Anthem is one of two insurance companies that cover Connecticut state employees. However, state employees enrolled in Anthem Blue Cross, Blue Shield now have to pay out-of-network rates to be treated at Hartford HealthCare’s facilities.

Connecticut lawmakers will face rising fixed costs, employee raises in the next budget

Although Connecticut’s 2017 budget crisis may have come to an end when Gov. Dannel Malloy signed the bipartisan budget on Tuesday, the next budget promises to be just as difficult.

The nonpartisan Office of Fiscal Analysis is already projecting a $4.6 billion deficit, largely due to the rapidly rising costs of pensions, retiree healthcare and debt service combined with declining tax revenue. Fixed costs now consume more than 50 percent of General Fund expenditures.

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