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State’s Cash Position Deteriorates

State Treasurer Denise Nappier. (CTNJ file photo.)
State Treasurer Denise Nappier. (CTNJ file photo.)

HARTFORD, Conn. –  State Treasurer Denise Nappier wrote to legislative leaders Tuesday to let them know the state’s cash position had declined and late last week she transferred money from bond proceeds to help cover operating expenses.

“The common cash pool, which covers operating expenses, has declined to levels which prompted my office to commence temporary transfers from bond proceeds investment accounts,” Nappier wrote in her Nov. 18 letter. “These transfers are consistent with the state’s long-standing and sanctioned process for managing fluctuations in the flow of cash to and from separate funds. Since November 13th to date, such transfers total $160 million, and more such transfers over the next month are likely until revenues increase in late December.”

No other transfers between bond fund investment accounts and the common cash pool had been necessary since April 2013.

Nappier explained that the transfers were necessary because of the current budget deficit and the decision by the federal government not to pay the state for some of its Medicaid population.

Read the entire story on CT News Junkie here.

Comments

2 responses to “State’s Cash Position Deteriorates”

  1. John Hamlin

    Of course no one could have predicted or announced this before the election.

  2. Notaffiliated

    Congratulations Connecticut! Let me know how much you need so I can further say “no” to non-profits

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