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In late 2008, our state and our country suffered the worst economic downturn since the Great Depression. Even though the global economic downturn was caused by irresponsible investing and lending on Wall Street, our State was left to deal with an enormous deficit caused by decreased revenue and increased burdens on our social safety net. While no one could have been prepared for such an event, we were able to weather the crisis with the help of the Rainy Day Fund and additional federal revenues.
As we continue to recover, we need to keep Connecticut moving in the right direction with a budget that provides an honest accounting of our revenues and deficits, begins the long process of streamlining government, and creates the conditions for long-term success. The 2012-2013 budget passed by the General Assembly and signed by Governor Malloy does just that.
The 2012-2013 budget:
- Takes responsibility by balancing the budget without borrowing for operating expenses
- Provides a balanced approach to resolve the deficit and protect vital services
- Invests in programs to put Connecticut back to work
- Creates a balanced tax package that protects the middle class
- Establishes new funding sources for cities and towns to provide real property tax relief
- Streamlines government through the consolidation of state agencies
- Maximizes the use of federal funds to reduce state spending
- Puts our state back on sound footing by reducing our debt obligations and replenishing the Rainy Day Fund
Our caucus reduced the amount of spending and tax increases:
All Other General Fund
Tax Increases FY 12All Other General Fund
Tax Increases FY 13Governor $1,455.80 $1,315.90 Final Budget $1,394.60 $1,251.20 Difference ($61.20) ($64.70) All Other General Fund
Appropriations FY 12All Other General Fund
Appropriations FY 13Governor $19,140.70 $19,581.10 Final Budget $19,109.90 $19,537.70 Difference ($30.80) ($43.40)
Shared Sacrifice, Responsible Budgeting
Further Reading
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The 2012-2013 Budget Summary, detailing specific policies by issue area for a more complete overview of the budget
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Surplus Facts, explaining the reasons behind the projected $1 billion surplus
No Borrowing
No Gimmicks
An Honest Budget
May 13, 2011
"WORKING TOGETHER, WE ARE STRONGER AND CONNECTICUT CAN PROSPER"
House Speaker Christopher G. Donovan today thanked union leadership for making the "tough choices" and helping Connecticut through its budget crisis as Governor Malloy annoucned a tentative agreement with SEBAC. READ MORE