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Lembo, Malloy, both see CT’s budget reserves on the rise
State Comptroller Kevin P. Lembo agreed Monday with Gov. Dannel P. Malloy’s administration that Connecticut could be poised to bolster its budget reserves significantly for a second consecutive year. But even should the state push its Rainy Day Fund in excess of $2 billion — a target early projections point to, both officials say — it still would represent less than half of the red ink Connecticut’s next governor and legislature must solve beginning in February.
CCM: Don't put munis on hook for teacher retirement underfunding
A new report aimed at influencing Connecticut's next governor and legislature argues that municipalities should not be forced to pay for the state's underfunded teachers' pensions, the annual cost of which could surge five-fold to $6.2 billion by 2032.
Rainy Day Fund payment boosts state’s credit rating
It’s still unclear if Connecticut’s borrowing capacity was limited by language adopted as part of the May budget adjustments, but Wall Street did appreciate its recent $200 million contribution to the Rainy Day Fund.
Lawmakers press economic development officials for more details on incentives
State lawmakers continued to press economic development officials Monday to improve reporting on job development tied to tax breaks, loans and other taxpayer-funded incentives. Meanwhile, Department of Economic and Community Development Commissioner Catherine Smith said her agency is continuing to upgrade its reporting, but also is hamstrung by fiscal limitations and by a lack of information-sharing requirements throughout state government.
S&P: Aging population is hurting CT's economic growth
Connecticut is the fifth oldest state in the country, and that has contributed to its diminished economic growth, a new report from S&P Global Ratings says. Between 2010 and 2017, S&P found that states with high population growth and more adults of prime working age (25-54) were more likely to have stronger economic growth.
More Than $500 Million In Borrowing Approved For Projects On Schools, Roadways And More
Gov. Dannel P. Malloy and the State Bond Commission approved more than $500 million in borrowing Thursday, pushing the state toward its maximum bonding cap for the year. The money was allocated for a wide variety of programs, including constructing schools, fixing roadways and helping companies such as Aer Lingus, which flies out of Bradley International Airport to Dublin, Ireland.
Connecticut among most innovative states in U.S.
With the current advancement of technology, it's no surprise that states are in a race to outpace each other in the battle for technological dominance. In a report released this week by Kempler Industries, an Illinois machinery company, Connecticut was ranked the eighth most innovative state in the country in terms of patents per capita during the past five years. Connecticut falls behind Massachusetts (2), Vermont (5) and New Hampshire (7) in terms of innovative New England states....
A decade of delays, $23 million spent, as state makes fourth try for health information exchange
The idea of a single health information exchange across the state of Connecticut seems simple: Gather all health information in one place and make it available to every practitioner involved with a single patient to provide the best care possible. Unfortunately, in Connecticut this process has been anything but simple. Instead, it has been enormously expensive and time-consuming — costing the state $23 million and 11 years of work which, to this date, have yet to produce an exchange.
Nappier Says Drafting Error Will Constrain Bonding Capacity; Malloy Administration Calls Attorney
State Treasurer Denise Nappier informed legislative leaders Wednesday that they inadvertently reduced the state’s bonding capacity by failing to include certain exemptions in the budget adjustment it passed in the final hours of the legislative session. The proposed language adopted by the legislature on May 9 should have exempted refunding bonds and short-term revenue anticipation notes from the $1.9 billion annual cap. The language repeated and adopted as part of the...
State CPA society backs effort to help deduct foundation repairs
The Connecticut Society of Certified Public Accountants is supporting the efforts of U.S. Rep. John B. Larson, D-1st District, and U.S. Rep. Joseph D. Courtney, D-2nd District, to clarify how homeowners with crumbling foundations can receive federal tax relief through the casualty loss deduction.

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