The original budget for the 2015 fiscal year was $22.3 billion, but the enacted budget Saturday night was $19 billion after billions of dollars in funding were moved “off-budget” last year after Malloy proposed changes to the state-mandated spending cap.
Sen. L. Scott Frantz of Greenwich said on the Senate floor that Connecticut has received an “F” for budgetary and fiscal policies, along with being ranked 45th in economic competitiveness and record bonded indebtedness. With GAAP accounting and private-sector standards, Connecticut would have a deficit of about $1 billion for the current fiscal year, he said.
“It’s that we cannot resist spending and increasing our spending every year,” Frantz said, adding that spending is on a “compounding trajectory that is unsustainable.”
“I know no one wants to talk about Detroit,” said Frantz, adding that the once-prosperous city of 2 million in its heyday is now down to about 800,000 people. “It looks like a war zone. It is unbelievable.”
He says the combined out-year deficits in fiscal years 2016, 2017, and 2018 are about $3 billion.
House, Senate Approve $19 Billion Annual Budget That Delays Tax Breaks | Capitol Watch
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