Capitol Corner

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Union Framework Released, but No Final Deal
Governor Dannel Malloy and the state labor unions are reportedly "close" to reaching a deal that would save $1.5 billion over the next two years, but some legislators are speaking out against the proposal.
Alert: Revised budget proposal includes across-the-board fee increases.
To date, four revised budget proposals have been released, and it's important to note that at least one of the budget proposals includes across-the-board fee and license increases. If you have any contact with legislators, it's important to tell them two things: Connecticut CPAs currently pay the highest license fee in the country - this fee is actually 2.8 times the next highest and six times the average. The current CPA license fee covers the cost of the administration of the Connecticut...
Gov. Malloy Releases Updated Budget Proposal
On May 15, Governor Dannel P. Malloy released an updated Fiscal Year 2018-2019 biennial budget proposal. With April tax receipts underperforming expectations, this proposal cuts General Fund expenditures an additional $241 million and other funds by $363 million in FY 2018, compared to the balanced budget proposal Governor Malloy submitted to the legislature in February.
Office of Fiscal Analysis Releases April State Budget Projections
As of May 5, the Office of Fiscal Analysis is projecting a deficit of $380 million. This new projection reflects the negative impact of income tax collections in April and various other updates included in the consensus revenue estimates released on May 1.
May Consensus Revenue Estimates
On May 1, the Office of Policy and Management and the Office of Fiscal Analysis announced that they've reached consensus revenue estimates for the current fiscal year 15-17 biennium and the next three fiscal years. See the numbers.
Labor and Employment Matters Before the State Legislature
A number of our members expressed an interest in hearing about employment and labor measures that may affect their companies and employers. There are a number of measures that may be of interest to you. This bill intends to address pay equity issues through a variety of measures including: Permitting employees to maintain seniority after family or medical leave Barring employers from using an employee's previous wages as a defense in pay inequity claim Mandating employees be paid the same...
Gov. Malloy Selects Michelle Seagull to Serve as Commissioner of the Department of Consumer Protection
Governor Dannel Malloy announced today that he is appointing  Michelle Seagull  of Glastonbury to serve as Commissioner of the Department of Consumer Protection.   Seagull, who has served as Deputy Commissioner of the agency since 2011, has been serving as Acting Commissioner since former commissioner Jonathan Harris stepped down on April 17.    The Department of Consumer Protection oversees the State Board of Accountancy.
CTCPA Capitol Corner Alert - 4/28
April 28, 2017 Since so many of you reached out following Monday's Legislative Action Alert, we wanted to share some updates. We had previously contacted you about two bills of concern to the accounting profession - SB 1047 and HB 6681. As you'll read below, we were successful in having both issues addressed. Thank you for your quick action and support! At the same time, the state's fiscal situation has become more dire as state revenue projections have cratered. The budget remains at an...
CT tax revenue in free fall, adding $1.1B in red ink for next 2 years (CT Mirror)
While the media have reported projected revenue deficits of $200 to $300 million this week, the CT Mirror now places that number at $500 million.
Republicans Unveil 'Confident Connecticut' State Budget Proposal
Today, the Senate and House Republicans revealed a budget they state "closes the current projected state deficit over the next two years without new taxes and without pushing state expenses onto towns, cities or hospitals."

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