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2014 surplus revised upward due to federal funds; State GOP: ‘Not a true surplus’

Ben Barnes, Gov. Dannel Malloy’s budget director (CTNJ file photo)
Ben Barnes, Gov. Dannel Malloy’s budget director (CTNJ file photo)

HARTFORD, Conn. – Earlier this month, State Comptroller Kevin Lembo predicted the state would end the year with a $33.2 million surplus, but thanks to additional federal money Democratic Gov. Dannel P. Malloy’s revised revenues upward by $63 million over last month’s forecast.

That brings the new estimated 2014 surplus up to $121.3 million, according to Malloy’s budget office.

In its monthly letter to Lembo, Ben Barnes, Malloy’s budget director, said most of the additional revenue came from a $42.1 million increase in federal Medicaid awards. About $37.2 million came from personal income tax revenue, while all other revenue was revised downward by $16.3 million.

Sen. Len Fasano, R-North Haven, said the surplus reported Tuesday by the Malloy administration comes at the cost of “shifting expenses off the books, borrowing to fund everyday government expenses, and diverting over $189 million away from the Special Transportation Fund. It is not a true surplus,” Fasano said.

See the complete story at CT News Junkie.

Comments

7 responses to “2014 surplus revised upward due to federal funds; State GOP: ‘Not a true surplus’”

  1. anon

    Give it up, no one believes you.

  2. Norewalk Lifer

    For every tax dollar the state of Louisiana pays into the federal government, they get 1.68 back, for every tax dollar that Connecticut pays into the federal government, they get .68 back; picking the nits of the budget won’t get Republicans elected; coming up with fresh ideas on how to restart Connecticut’s economy will, so where’s the ideas? crickets can be heard chirping.

    Regards
    Norwalk Lifer

  3. John Hamlin

    The whole notion that we have a surplus when we are borrowing money to pay the light bill is absurd. The state has prioritized its public employees over its taxpayers — and it thinks it can tax its way to prosperity. At some point the state has to wake up and smell the recession.

  4. Norewalk Lifer

    @John Hamlin,on the US rates 27th on a list of a successful middle class, it goes much deeper than that, We are not here to serve only the special interests, be it immigration, or commuter concerns,
    *
    If this budget is less strained than expected, I would consider that a success, considering the deplorable state of affairs that Malloy inherited when he took office.
    *
    Jodi Rell and her budget director did not step up the plate, as expected, did they? in fact, no one expected that a successful rising star like John Rowland would be bring the biggest scandal to Connecticut since the Nutmeg scandal.
    *
    Connecticut does not like scandalous behavior, now you may criticize the state of affairs, but until one is active in leveling the economic playing field (from a labor perspective) world wide, you will continue to see the job drain that started during the 1980’s.
    *
    Cheaper labor is not necessarily better, and we are economic Bedouins in our pursuit of cheap labor, we have moved from Seoul South Korea, to China, to Taiwan, to Mexico, all the while denying entrance to those who wish to better themselves.
    *
    If you want economic growth in this state, consider the balance between middle class and upper class; one cannot survive without the other, and I would argue given the state of affairs in this country, it is the upper class that stands the most to lose.
    *
    When US corporations who enjoy the fruits of revenue in this country decide to give back by not off shoring profits, change will occur, prior to globalization, Corporations needed the American middle class to maintain their course, there was a balance, now there is a global economy that threatens the very existence of the American middle class, this is the REAL issue, not the petty checkbook balancing that seems to be the next “shiny object” for so many.

    Regards
    Norwalk Lifer

  5. potaxpayer

    @ john hamlin, you complain all the time about the americans working for a living that work for the state, i never hear you complain about how much money the illegals invaders get for breaking the law and having babies at record paces that we all pay for. or that ct is in the top 5 for the best welfare benefits in the country.

  6. One and Done

    Malloy campaigned in 2010 on implementing GAAP. Fast forward to today and the accounting gimmicks being used here would land people in the private sector in prison.

  7. Norewalk Lifer

    @ One and Done, as if GAAP is unimpeachable, really now!

    Regards
    Norwalk Lifer

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