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
|