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“I feel very strongly that, just because (the rainy day fund) is there, we should not deplete it. While it's raining today, we don’t know how long the rain is going to last – or when it’s going to start raining again."
"I know how valuable this level of assistance is to maintaining operations for our cities and towns, and it was incumbent upon us to make the necessary changes to get these federal dollars out," said OPM Secretary Melissa McCaw.
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...
State statute requires that when the comptroller certifies a shortfall in the General Fund in excess of 1%, the governor musts present lawmakers with a deficit mitigation plan within one month "to modify such allotments to the extent necessary to prevent a deficit."
The study is designed to evaluate workforce efficiency and organizational design that will prepare Connecticut for a significant number of anticipated retirements among state employees by 2022.
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.”
Meanwhile, State Comptroller Kevin Lembo is projecting the state’s General fund will close Fiscal Year 2020 – which ended on June 30 -- with an operating shortfall of $153.1 million.
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.
Even with the gloomy forecast -- which Office of Policy and Management Secretary Melissa McCaw said were conservative -- "Connecticut is in a stronger position than most states, thanks to our fiscal prudence and the safeguarding of our budget reserve," according to Democratic state Senate leaders Martin Looney and Bob Duff.
The governor said that, according to Office of Policy and Management Secretary Melissa McCaw, the state has withstood about $450 million in coronavirus-related expenses. "Connecticut right now is doing better than a lot of other states," Lamont said, noting the strength of its rainy day fund.
The $2.5 billion in the state’s Budget Reserve Fund (also known as the Rainy Day Fund) puts Connecticut "in pretty good shape" through at least June 30, said Gov. Ned Lamont. “Obviously, this is the rainy day,” added Secretary of the Office of Policy and Management Melissa McCaw. “We are well-positioned to weather this storm.”
Gov. Ned Lamont Lamont took a swing at the federal government’s response to the crisis, saying that “significant cash payments” and two weeks’ paid sick leave for affected workers must be made available. “If the federal government doesn’t get that right, Connecticut will get that right,” he declared.
Mounds, the first African-American to hold the chief of staff post in state history, has previously worked with Gov. Dannel Malloy, U.S. Sen. Richard Blumenthal, and U.S. Rep. John Larson.
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