Connecticut 2010 State Budget
Contents |
Introduction
Connecticut drafts a two-year spending plan. In Dec. 2010, the National Conference of State Legislatures said that the state faced a midyear shortfall of $86 million, which represents 0.5% of the FY2011 state budget.[1]
State Treasurer Denise L. Nappier said in Dec. 2010 that revenues from unclaimed properties should reach $92 million in FY2011, $42 million above the level originally projected in the $19.01 billion state budget.[2]
2010
Connecticut has a total state debt of $65,213,378,749 when calculated by adding the total of outstanding debt, pension and OPEB UAAL’s, unemployment trust funds and the 2010 budget gap.[3]
| Total spending | Pension | Health care | Education | Welfare | Protection | Transport | Deficit | Budget gap |
|---|---|---|---|---|---|---|---|---|
| $21.5 | $2.8 | $6.9 | $3.4 | $2.6 | $1.9 | $1.5 | $36.2 | $4.7 |
| Total spending | Pension | Health care | Education | Welfare | Protection | Transport | Deficit |
|---|---|---|---|---|---|---|---|
| $17.7 | $0.4 | $0.2 | $9.2 | $0.6 | $1.6 | $0.8 | $9.9 |
Budget Background
Connecticut’s General Fund had surpluses in the amount of $302.2 million in FY 04; $363.9 million in FY 05; $446.5 million in FY 06; and $269.2 million in FY 07, each contributing toward a total Budget Reserve Fund (BRF) balance of $1,381.8 million.[citation needed]
The Connecticut Legislature in 2009 passed some cost savings measures that included:<ref>Connecticut General Assembly, Office of Legislative Research, “OLR Major Acts,” November 12, 2009</ref>
- Reduction in personnel costs by $701.9 million over 3 years
- Salary wage freezes
- Mandatory furlough days
- Employee retirement incentive
- Increased employee health insurance contributions
- New employee contributions to fund retiree health care
The Connecticut General Assembly meets annually, but sets its budget cycle biennially. Once the state's agencies submit their budget requests for the upcoming biennium the Governor reviews, revises and make any necessary additions before submitting the budget recommendation to the legislature on the first session day following February 14th in odd-numbered years. During even number years the Governor submits a report to the legislature on the status of the enacted budget along with any recommendations for revisions and adjustments.<ref>A Guide to Connecticut's State Budget</ref>
See Connecticut state budget (2008-2009) for more information.
Accounting Principles
The Connecticut Auditors of Public Accounts is under the direction of 2 state auditors appointed by the State Legislature; having 2 auditors is unique among the states. Their audit reports are published online.<ref>Connecticut Auditors of Public Accounts Web site, retrieved October 12, 2009</ref>
| Credit Rating | Fitch | Moody's | S&P |
| Connecticut<ref>California State Treasurer, “Comparison of Other States’ General Obligation Bond Ratings”</ref> | AA | Aa3 | AA |
See also:
References
- ↑ The Wall Street Journal “States Face Budget Shortfalls of $26.7 Billion“ Dec. 8, 2010
- ↑ The Connecticut Mirror "Unclaimed properties give state budget a holiday boost" Dec. 17, 2010
- ↑ State Budget Solutions “States Hide Trillions in Debt” July 22, 2010
- ↑ 4.0 4.1 USA Spending, State Guesstimated* Government Spending
