Connecticut State Treasurer Shawn T. Wooden is reporting the state”™s overall available cash position as of Oct. 31 was $5.8 billion, with a common cash pool at $5 billion.
“Our state”™s available cash is near all-time highs, despite the continued impacts of Covid-19 on our economy,” Wooden said. “Given the economic uncertainty associated with the pandemic and the potential impact on state cash receipts and disbursements, we continue to diligently monitor, assess and revise Connecticut”™s cash projections for fiscal year 2021.”
Wooden cautioned that both the state and national recovery from the economic trauma created during the pandemic will be slow and could stall due to the failure of Congress and the White House to agree on a new fiscal stimulus package.
“The U.S. unemployment rate continues to be more than double pre-pandemic levels, with economic despair and disruption disproportionately impacting the U.S. service sectors, such as travel, hotels, live entertainment, restaurants and bars, and lower wage workers that are on the frontlines of these businesses,” he said.
Wooden added that further uncertainty created by today”™s election would only further delay a speedy recovery.
“Various potential outcomes have put investors further on-edge as we enter November,” he said. “The market dislikes uncertainty.”
