Photo of Senator Leone.

State Senator

Carlo Leone

Representing Stamford & Darien

Sen. Leone Supports Democrats’ Budget Predictability Plan

State Senator Carlo Leone (D-Stamford) today voiced his support for a Senate Democratic ‘budget predictability plan’ that would help Connecticut avoid future revenue volatility while simultaneously reducing the chance of unpredictable budget deficits and paying down some underfunded liabilities.

The Senate Democrats’ plan permanently caps the amount of revenue that the state can expect to collect every year from its highly volatile estimates & finals (mostly capital gains) portion of the state income tax; the plan caps those estimates at $3.1 billion per year, the current year’s collection rate, and does not assume any more revenue will be collected from Connecticut’s wealthiest residents.

Any revenues that might be collected above that $3.1 billion in future years would be dedicated to increasing the state’s budget reserve (known as the ‘Rainy Day Fund’) or making payments on unfunded liabilities, such as employee retirement pensions. Contributions could also be dedicated to certain one-time capital projects, paying in cash, rather than borrowing money.

The Senate Democrats’ plan builds on recent Democratic efforts to lay out a sustainable path for responsible allocation of future-year budget surpluses, which also target budget reserve savings and accelerated debt repayment. Today’s proposal goes even further, dedicating volatile revenues above the cap level to savings even without the presence of an overall budget surplus.

”Having a structured plan to cap anticipated revenues and then dedicate any extra revenue to paying down our debt will go a long way toward restoring predictability to our budgeting process as we move forward here in Connecticut,” Sen. Leone said.

“By limiting our state’s current and future reliance on highly volatile revenue streams, we can provide for more predictable budgets going forward and greater stability for all state initiatives,” said Senator John Fonfara (D-Hartford), Co-Chair of the Finance, Revenue & Bonding Committee and the architect of the budget predictability plan. “Dedicating volatile revenues we do receive to savings will strengthen the state’s fiscal position by improving our credit rating and paying down the unfunded liabilities that are now consuming an increasing share of state resources.”






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