Yankee Institute Blog
Despite the suspension of 400 infrastructure projects around the state, Gov. Dannel Malloy’s $100 billion Let’s Go CT initiative is still moving forward, albeit at a slower pace, with $3.7 billion in bonding over the next five years.
Connecticut has spent $13.9 million more in overtime for state employees during the first half of this new fiscal year than it did in 2017, according to a report by the Office of Fiscal Analysis.
Connecticut had been making headway in reducing overtime spending since a high of $256.1 million in 2015. In 2017, Connecticut spent a total of $204.4 million.
The cost of fringe benefits, including pensions, for Connecticut community colleges are growing faster than revenue, prompting tuition increases for more than 47,000 college students, according to an audit of the Connecticut Community College System.
Connecticut pays $14,374 per teacher per year toward the teacher pension debt, money that could be used to increase teacher salaries or improve children’s education.
The Parent Express – a party bus loaded with education materials, books, and volunteers – took to the road on Wednesday to visit school children and parents in 10 different cities and promote the joys of learning for both children and their parents.
Connecticut has the most underfunded pension system in the nation, amassing more than $127.7 billion in liabilities, according to an annual study by the American Legislative Exchange Council.
Gov. Dannel Malloy released a plan Wednesday to close a $208 million state deficit this year by offering a combination of cuts to social service programs and tax increases on cigarettes, hotels, and the state sales tax.
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.”
Gov. Dannel Malloy issued a warning Thursday over the future of Connecticut’s special transportation fund, which will no longer be able to fully fund a number of transportation projects due to increasing debts costs and lower-than-expected revenue.
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.