Posts tagged ‘spend’

April 26th, 2013

Markley: Democratics Requesting More Than Malloy

by Christopher O'Brien

By Joe Markley

Back in February, the Governor claimed his budget reduced spending by $1.8 billion. In fact, his proposed budget actually increased state spending by nearly 10% over two years.  All he did was trim the rate of government growth; he made no actual reduction in spending.  In fact, the state will spend an additional $2.9 billion over the next two years under the governor’s proposal.

 

Now the Appropriations Committee has made a bad budget worse, spending approximately $55 million more than the Governor requested.

 

It bears repeating: we need to get our fiscal house in order. The Appropriations proposed budget not only increases spending but is also imbalanced. The majority party wants to redefine the budget cap, which is the height of hypocrisy. The spending cap has been changed repeatedly since it was put into place over twenty years ago, in the aftermath of passage of the state income tax.  In every case, spending has been removed from the cap—it’s a one-way deal, designed to thwart the clear will of the taxpayers.

 

While the Appropriations Committee was making its budget recommendations,

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November 23rd, 2012

Connecticut’s Fiscal Cliff

by Christopher O'Brien

Sen. Joe Markley

By Sen. Joe Markley

You may have heard that our state is facing a ‘gloom and doom’ budget scenario: a $365 million hole this fiscal year, and deficits of over a billion dollars in each of the next two years.

The current budget took effect just four months ago, but already revenue is down sharply, and spending is up.  The causes are clear, and not surprising:

  • People are not buying goods, so sales tax collection is less than expect.  Corporation tax revenue and money received from the state’s casinos have also declined.
  • Medicaid costs have increased by over $260 million
  • Personal expenses, salaries, and overtime for state workers is up over by $10 million

A November revenue report by the Office of Policy and Management and the Office of Fiscal Analysis (the state’s number crunchers) has just announced the alarming $365 million shortfall. As recently as November 1, the administration projected a deficit of only $61 million.

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