The State of Connecticut’s New Budget Surplus — How’d It Happen?
For many moons, the State of Connecticut has been deep in debt. Somehow, today, we get the news that we now have a surplus of more than $1 Billion. What happened?
We paid more taxes than anyone anticipated to the state since the start of the year. Just as fast as word about the surplus spreads, a multitude of politicians have come to the table with ideas of what to do with said $1 billion surplus.
There is supposed to be “a rainy day fund” set aside in case this happens, according to New England Public Radio. They say last year’s budget that was passed by the Connecticut legislature included a “volatility cap”.
Revenue from taxation is 46 percent higher than originally anticipated. It’s enough to eliminate the state’s $200 Million deficit this year and the forecasted deficit for the following year.
New England Public Radio Says Dems want to give some of the money to the state’s transportation trust fund for starters. Republican lawmakers are looking to have the money go the state employee retirement debt, some to the teacher’s retirement fund, and some to the rainy day fund. What do you think it should be spent on?
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