It really depends on your needs and current situation. Some experts recommend setting aside 3-6 months of expenses while others recommend saving 12 months of expenses. It also extends the workers’ benefits contract from mid-2022 through mid-2027.Regarding how much you should actually save in an emergency fund, the choice is up to you. That deal, which included a three-year wage freeze, furlough days, increased worker contributions toward health care and pensions, and new restrictions on retirement benefits, also greatly limits the state’s ability to order layoffs for four years. House Minority Leader Themis Klarides, R-Derby, placed the blame on the Malloy administration, saying the concessions deal the governor and state employee unions struck this past summer “mitigated our ability to achieve savings in state.” We will continue to examine this report, monitor these numbers closely and remain committed to working together to make adjustments to the budget if needed in the coming months.” Many of these structural changes may not result in an instantaneous change, but rather will begin the process to improve financial management and eliminate this type of volatility and unpredictability in the future. “It’s clear that now is the time to give cooperation and collaboration a chance to build on the bipartisan budget passed into law last month, which makes important long term systemic reforms. “These numbers are disappointing but not unexpected,” the Senate leaders wrote. “Nothing we can’t handle,” Fasano said during the Senate debate on the new budget. What happens in 14 months when the challenge is likely to be much greater? “We talked about issues that I don’t think we’ve ever talked about in this building.”īut it took the legislature an unprecedented nine months - including four months after the fiscal year began - to adopt a new budget. “It was profound,” Senate Republican leader Len Fasano said. “And we’re going to continue to work together.” “What we did was a historic move in Connecticut politics, coming out with a bipartisan budget, and under these extreme pressures, is pretty amazing,” said House Speaker Joe Aresimowicz, D-Berlin. Legislative leaders responded shortly after the budget’s adoption not with specifics about how they would counter the worsening deficits, but with optimism based on the new wave of bipartisan cooperation. “Anything that exacerbates the problem by building more volatility or reducing predictability is problematic,” he said. The estimated budget deficits tied to this revenue erosion - $178.4 million this fiscal year and $147.1 million in the next - total $325.5 million, easily exceeding the modest $213 million Connecticut holds in its rainy day fund.įor the first time in Connecticut, a landlord has agreed to do what?ĭo you know the answer? Play this week's news quiz to find out. “This consensus revenue projection will likely place us more than $178 million in deficit before we have even had an opportunity to effectuate the large lapses and spending cuts built into the budget. OPM will finalize our projection in our letter to the comptroller next week, and the administration will continue to do its part to monitor revenues and expenditures closely.” “The governor’s caution regarding our ability to get through FY 18 in balance under the bipartisan budget passed by the General Assembly was well-warranted,” Office of Policy and Management Secretary Ben Barnes, Malloy’s budget director, said Monday. Malloy’s administration and the legislature’s nonpartisan Office of Fiscal Analysis also raises the risk the state might exhaust its emergency reserves.
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