Nonprofit Alliance Releases Poll Calling For More Funding; Candelora Says State Spending Priorities Are The Problem Rather Than Fiscal Guardrails. [Updated]

By Doug Hardy, CTNewsJunkie.com 

Comptroller Sean Scanlon on Thursday confirmed the Office of Policy and Management’s recent budget report in his monthly update, projecting that the state will end Fiscal Year 2024 with a surplus of $853.6 million more than the $4.1 billion it holds in the Budget Reserve Fund, also known as the Rainy Day Fund.

The state’s Fiscal Guardrail statute says the Budget Reserve Fund (BRF) cannot exceed 18% of net General Fund appropriations for the fiscal year, and any additional funds are to be transferred to the State Employees’ Retirement Fund and/or Teachers’ Retirement Fund in the fall once the state’s books are audited and closed for FY2024.

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