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.
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