Don't Hold Your Breath: Surplus Already Spent
Good news: It appears Connecticut’s state budget for the current fiscal year has grown a small surplus. At just over the half-way point in the 2017 fiscal year, the Malloy administration recently projected a $23.3 million balance in the state’s bank account.
Connecticut is drowning in debt. Should the rest of us have to pay?
Over the past few years, several of today’s 50 states have descended into unmanageable public indebtedness. In Illinois, vendors wait months to be paid by a state government that is $30 billion in debt and one notch above junk bond status. And in terms of per capita state debt, Connecticut ranks among the worst in the nation, with unfunded liabilities amounting to $22,700 per citizen.
"It’s horrible. It’s hard to fathom,” said Mayor Cantor.
According to Van Winkle, the actual impact of cuts in state aid to West Hartford is nearly $15 million for FY2018, which begins on July 1, 2017. Statewide spending reductions total approximately $1.3 billion.
“Some other municipalities are worse off, but we feel like we’ve been targeted,” Cantor said. “It’s going to be more than just a huge tax increase.”