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My Left Nutmeg

Cut services, borrow money: Connecticut State Budget Day

by: ctblogger

Wed Jan 30, 2013 at 08:35:53 AM EST

Cross post from Jon Pelto's Wait What?

A clear, concise snapshot of the "state of the state" can be seen through the CTNewsjunkie story that was posted late last night.

Governor To Announce New Nonprofit Funding Initiative

"Less than 24 hours before the state's nonprofit community providers were to rally Wednesday morning to draw attention to an "already frayed safety net," Gov. Dannel P. Malloy announced a new plan to help fund their efforts.

According to sources, Malloy plans to join them at the rally to announce plans to establish a new state bond pool specifically designated for nonprofit community-based providers. The $20 million pool is expected to enhance opportunities by allowing nonprofits to invest in capital projects that will lower administrative costs and improve the delivery of services."

Over the past two years, Governor Malloy has made deep and historic cuts to Connecticut's human service infrastructure.  Vital services have been reduced for some of Connecticut's most vulnerable citizens.  The cuts have been far, far in excess of $20 million dollars, but a promise for a small pot of bonding funds turns a protest into a rally of support.

Meanwhile, those making more than $1 million a year saw no increase in their income tax rate, despite a $1.5 billion tax package that disproportionately hit Connecticut's middle-income families.

With more cuts coming in the proposed FY14 FY15 budget, Malloy's plan is apparently to borrow more, including the small pot of money for Connecticut's nonprofit human service providers.

With a projected deficit for the next fiscal year in excess of $1.2 billion, the greater American motto can already be heard ringing through the Capital - Keep taxes down; shift the cost to our children.

Connecticut already ranks #1 in nation in state debt with a debt amount of over $5,200 per person compared to a national state average of $1,404 per person.

More details about how Governor Malloy plans to produce a balanced budget without major new taxes will be forthcoming later in the day.

ctblogger :: Cut services, borrow money: Connecticut State Budget Day
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