Yankee Institute Blog

State overtime spending jumps in 2018

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.

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.

Stay Connected!

Stay Connected!

Receive updates on our efforts to bring common sense fiscal reform to Connecticut.

You have Successfully Subscribed!

Share This