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Post for CTMirror

 

The State has a Money Problem.

 

They ran out of it. Money, that is!!!

 

 

So the State Bond commission approved $351.7 million in borrowing at its meeting Friday morning.

According to CTNewsJunkie.com

Malloy initially said he planned to borrow $2.7 billion this calendar year but had only put about $245.7 million on the state credit card up to Fridays Bond Commission meeting. The $351.7 million approved Friday brings the total for the calendar year up to about $597.4 million.

Rep. Chris Davis, R-East Windsor, said he didnt believe the state should be borrowing $351.7 million when its facing a $389.8 million deficit this fiscal year and a $5.1 billion deficit over the next two years.Read more at Bond Commission Disagrees Over Agenda and Casting A Vote

 

BREAKING NEWS:

As the State continues on its downward spiral, at 5 PM today we learned that CT takes another credit rating hit on Wall Street. Therein Keith M. Phaneuf of CTMirror.org writes

Connecticuts status on Wall Street took another hit Friday when a major credit rating agency downgraded the states bond rating, a move that could lead to higher borrowing costs.

The downgrade by Fitch Ratings Inc., from AA- to A+, comes about one month after Treasurer Denise L. Nappier warned the General Assembly to adopt a new approach to borrowing or risk slipping further in the credit rating.

It marks the fourth time Connecticut has faced a downgrade since May of last year. Fitch and S&P Global Ratings downgraded the state at that time, while Kroll Bond Rating Agency did so just two months later. Continue reading the article at View as Clean Read

 

 

 

May 12, 2017 

 

 

From:  The Federation of Connecticut Taxpayer Org
Contact:  Susan Kniep, President
Website: http://ctact.org/
Email: fctopresident@aol.com
Telephone: 860-841-8032

 

 

Truth in Accounting Gives Connecticut a GRADE F for its finances.

 

CONNECTICUT FINANCES CONTINUE TO CRUMBLE - State Data Lab

 

The report - THE STATES BILLS EXCEED ITS ASSETS

Bottom line: Connecticut would need more than $20,000 from each of its taxpayers to pay all of its bills, so it has received an F for its finances from Truth in Accounting. Read the complete report at http://www.statedatalab.org/library/doclib/CT-2016-2pager.pdf

 

********************

 

 

Within the past 48 hours we also learned the following:

 

Analysts say state finances, unless adjusted, will run as much as $2.3 billion in deficit next fiscal year and $2.8 billion in the red in 2018-19 as Connecticut taxpayers are already burdened with a $74.3 BILLION DOLLAR DEBT!

 

 

And as we learn Hartford Moves Closer to Bankruptcy, Soliciting Proposals From Law Firms, Hartford Courant reporter Jenna Carlesso informs us that Hartford Has Paid Millions Of Dollars For Unused Sick And Vacation Time noting the following

 

A Courant review of Hartford records shows that the capital city paid out more than $16 million for employees unused sick and vacation time between January 2010 and October 2016. The individual payments range from $36 to $217,467.

 

Many of the highest payouts are tied to union contracts, administrators said, which have allowed certain workers to walk away with tens of thousands or, in some cases, more than a hundred thousand dollars for accumulated time. Continue reading at http://www.courant.com/community/hartford/hc-hartford-unused-sick-vacation-payouts-20170504-story.html

 

 

As Hartford Mayor Bronin looks for a $40 million bailout from State taxpayers, we believe he is obligated to provide the public with the wages, benefits and pensions paid by the City of Hartford. We have attempted to seek this information as we are aware that approximately 80% to 85% of municipal budgets in the States 169 towns are dedicated to personnel related expenses. We have been unsuccessful to date.

 

As the State continues its downward spiral, the following Hartford Courant headlines provide some insight into the States lack of leadership which has brought us to where we are today.

 

Auditors Blast Lottery Chiefs Separation Package As Attempt To Circumvent Rules

 

Lottery Officials Knew Game Was Vulnerable To Fraud, Investigation Finds

 

Embattled Tech Schools Chief Torres Resigns Amid Investigations

 

Jon Lender: Tech-School Chiefs Spending Sent Millions Through State Bidding Loophole

 

 

*******************

 

 

Madoff is in Jail. His investors lost millions.

 

So who will pay for Connecticuts Ponzi Scheme in which state public sector unions have been the benefactors and taxpayers are on the hook for $74.3 Billion dollars of debt which our State Legislators have accumulated over the years. The majority of this debt is what taxpayers owe for state retiree pension and healthcare costs as 1,030 state retirees have pensions over $100,000 as noted by the Yankee Institute.

 

For years, these union deals have been masterminded behind closed doors in secret.

 

The union contracts were then allowed to lanquish for 30 days without a public hearing or discussion.

 

The union contracts, after that 30 day period, then became legally binding contracts. Binding upon taxpayers to pay or suffer the consequences. And many of those taxpayers are seniors on fixed incomes who are paying state pensions as high as $250,000; $300,000 and more.

And that secrecy prevails today as 13 STATE LABOR UNION CONTRACT HAVE EXPIRED AND ARE UP FOR RENEWAL. The question which no one is answering is WHAT WILL THESE NEW UNION CONTRACTS COST CT TAXPAYERS???

Below are the top 25 state pensions being paid per the States Transparency website. To see all pensions from the highest to the lowest click on Pension Payments - Transparency Connecticut - CT.gov. Next go to Search, then go to the Column headed Total and click on twice.

There is a solution to the States Fiscal problems. The State must end Collective Bargaining and Binding Arbitration Mandates. But that is highly unlikely to happen with the cozy relationship between State Democrats and the State Employee Unions. But there could be another factor which could curb the power which unions have over the operations of State government as noted within the headlined article captioned Lawsuit Against Mandatory Union Dues Eyes Supreme Court as written by Connor D. Wolf on Feb 9, 2017.

Connor writes The U.S. Supreme Court could soon hear a case aimed at ending mandatory union dues for all public-sector workers across the country. Continue reading his article at http://www.insidesources.com/lawsuit-mandatory-union-dues-eyes-supreme-court/

The following are the 25 Highest Connecticut State Pensions being paid

$433,891

305,054

304,151

250,188

233,625

230,000

229,963

229,147

221,422

218,906

217,110

215,260

214,278

205,065

204,197

203,221

201,904

200,906

190,531

188,595

188,499

183,845

181,904

180,948

180,037