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As Gov. Ned Lamont promised, there are no new major tax increases.
Lamont said that the federal funds “represent an incredible opportunity for this state to make transformative investments to emerge healthier and stronger."
Gov. Ned Lamont has repeatedly said he will not support new taxes on Connecticut residents, but indicated yesterday that he was willing to discuss the proposals further.
“It’s still dicey out there,” the governor told today's Economic Summit and Outlook forum, presented by the CBIA. “We’re not going to get our economy back until we can get people back to work.”
"We don’t always agree," Kelly (R-Stratford) says of Gov. Ned Lamont. "I don’t expect for us to always agree, but as long as discussions can be held in a candid and frank way, we can work together."
The state's Special Transportation Fund could become insolvent by 2024, according to the nonpartisan Office of Fiscal Analysis.
Revenue estimates in the current fiscal year have improved by $326 million from October’s estimate, and by $875 million and $704 million in each year of the next biennium from the April forecast.
Office of Policy and Management Secretary Melissa McCaw has decreased Connecticut’s projected budget deficit by 40% – although the figure remains at $1.2 billion. Last month...
The Lamont administration is predicting a $2.1 billion deficit for FY21, which began on July 1, and a $3.5 billion deficit for fiscal 2022 and 2023.
Justin Theal, an officer with The Pew Charitable Trusts’ State Fiscal Health team, calls Connecticut “one of the most financially secure states going into the recession.”
The chambers may have to change their voting protocols, with social distancing mandates expected to remain in place for the foreseeable future. Staggering votes on the floor by 10 members at a time, or allowing voting to be done by video feed, are among the approaches being considered.
On tolls, Fairfield First Selectwoman Brenda Kupchick said the governor “needs to once and for all just give it up. He’s changed positions so many times, and the way it stands now it’s not going to make anywhere near the money that’s needed.”
Lamont’s $22.3 budget proposal keeps taxes essentially flat, while projecting a Budget Reserve Fund of $2.8 billion by the close of Fiscal Year 2020.
"Agencies are making efforts to curtail hiring and discretionary expenditures, and the governor is prepared to exercise recission authority if necessary to mitigate against ending the year with an operating deficit," according to McCaw.
"We were looking at a $3.7 billion deficit, and today I am proud to say that we’ve closed it without an increase to tax rates and while ensuring that the safety net remains intact for the most vulnerable in our communities,” Lamont said.