Lamont: State Budget Positioned to Weather a Recession

Gov. Ned Lamont at a state Capitol press conference. Photo credit: Hugh McQuaid, CTNewsJunkie

Gov. Ned Lamont said he believes that reserves will cushion the state in the event of a likely economic recession.

By Hugh McQuaid, CTNewsJunkie.com 

The state comptroller and Gov. Ned Lamont presented an optimistic assessment of Connecticut’s finances Thursday, highlighting a budget they expect to withstand a looming recession and recent pension contributions projected to save taxpayers billions in the coming decades.

During a state Capitol press conference, Comptroller Natalie Braswell released the results of a recent analysis by Cavanaugh Macdonald Consulting, which expects extra contributions to state employee and teacher retirement funds to collectively save around $11.5 billion by 2048.

The contributions were required during the past three fiscal years as the state’s Rainy Day Fund has exceeded its $3.1 billion cap. The state expects to make a $3.7 billion contribution for the fiscal year that ended last week. That extra payment follows a $1.6 billion contribution last year and a $61 million payment the year before.

Click here to read the rest of the article on CTNewsJunkie.com.

Like what you see here? Click here to subscribe to We-Ha’s newsletter so you’ll always be in the know about what’s happening in West Hartford! Click the blue button below to become a supporter of We-Ha.com and our efforts to continue producing quality journalism.

Print Friendly, PDF & Email

About the author


We-Ha.com is the place to go for the latest information about West Hartford – a town that "has it all"! We-Ha.com is part of and proud of our community, and we bring a hyperlocal focus to news and features about the people, schools, businesses, real estate, sports, restaurants, charitable events, arts, and more. Contact us at: [email protected] or [email protected].

Leave a Comment

Translate »