November 24, 2014
From: The Federation of
Connecticut Taxpayer Organizations
Contact: Susan Kniep, President
Website:
http://ctact.org/
Email: fctopresident@aol.com
Telephone: 860-841-8032
CONNECTICUT IN CRISIS
****
The State’s long term debt
obligations total
SIXTY EIGHT ($68) BILLION
DOLLARS!
****
It has Been 20
Days Since the November 4, 2014 Election!
AND ONLY
NOW ARE
CONNECTICUT TAXPAYERS & VOTERS
LEARNING
THE EXTENT OF
CONNECTICUT’S FISCAL CRISIS
********
“It went
from a $300,000 surplus (two weeks before Election Day) to a $100 million
deficit in one month.” noted Sen. Robert Kane of Watertown!
As CTMirror.org reports
Malloy may run afoul of his pledges whether taxing or cutting
spending!!!
On Nov 14, 2014 State officials released the State’s latest
Fiscal Accountability Report
The State’s long term debt
obligations total
SIXTY EIGHT ($68) BILLION
DOLLARS!
see chart below
********
The projected state deficit
for
Fiscal Year 2016 is $1.3
billion.
Fiscal Year 2017 is $1.4
billion.
Fiscal Year 2018 is $1.3
billion.
see chart below
*********
Within the past few days, we have learned that Connecticut
ran out of cash to pay its bills so State Treasurer Denise Nappier
transferred $160 million from bond proceeds as highlighted by CT News Junkie | State's Cash Position Deteriorates.
And it could get a whole lot worse as CTMirror.org notes It’s
official: CT’s budget is $89 million to $100 million
in the red. Oops big mistake on
Governor Malloy’s part when prior to the election he stated “there’s not going
to be a deficit”. I guess somebody
didn’t keep Malloy in the loop. Or did
they?
An increase in local property taxes is imminent if Governor
Malloy cuts municipal aid to the 169 Towns and Cities throughout Connecticut. And that is a real possibility considering
Governor Malloy has yet to pay the near $13 million promised municipal leaders
due to a miscalculation in revenue-sharing between April and June 2013 even
though the money had been added to the State’s budget. CTMirror.org asks Are CT cities and towns no longer immune from state budget
axe?
But the possibility of increased property taxes forcing some
homeowners to lose their property to a tax lien sale and no cash to pay the
State’s bills don’t worry Governor Malloy. Because the latest news is that although
according to the Budget chief: Some tax cuts may have to wait; CT colleges
likely to face cuts, headlines now
read Governor Malloy: Tax breaks likely for consumers, teachers, poor —
maybe not business and Bonding approved for Sandy Hook school; cash flow woes
downplayed.
|
Connecticut's Unfunded Liabilities
|
$$$$ in Billions
|
|
Debt Outstanding
|
21.3
|
|
State Employee Retirement
System (SERS)
|
12.3
|
|
Teachers’ Retirement System
|
10.8
|
|
State Post Employment Health
and Life
|
19.5
|
|
Teachers’ Post Employment
Health
|
2.4
|
|
Generally Accepted Accounting
Principles Deficit
|
1.1
|
|
TOTAL
|
$68.4 Billion
|