Connecticut state budget (2010-2011)
| Note: This article was last updated in 2011. Click here for more recent information on state budgets and finances. |
Connecticut's two-year, $37.6 billion state budget was adopted in September 2009 and lawmakers intentionally left a $1.3 billion shortfall in the second fiscal year.[1]
| Total spending | Pension | Healthcare | Education | Welfare | Protection | Transport | Debt |
|---|---|---|---|---|---|---|---|
| $26.1 | $2.9 | $7.2 | $4.0 | $3.5 | $1.8 | $2.0 | $30.2 |
| Total spending | Pension | Healthcare | Education | Welfare | Protection | Transport | Deficit |
|---|---|---|---|---|---|---|---|
| $21.3 | $0.5 | $0.1 | $8.4 | $0.8 | $1.3 | $0.9 | $10 |
State Budget for FY2011
Find the state’s FY2011 Comprehensive Annual Financial Report (CAFR) compiled by the state government here.
In Dec. 2010, the National Conference of State Legislatures said that the state faced a midyear shortfall of $86 million, which represents 0.5% of the FY2011 state budget.[3]
Connecticut ended FY2011 with a $237 million surplus according to unaudited figures released in Sept. 2011.[4]
Comptroller Lembo announced in early May 2011 that the state's revenues increased by $414.9 million for the month of April, higher than anticipated. He projected a state budget surplus of $509.6 million for FY2011 fiscal year which ended on June 30, 2011.[5]
State Budget FY2010
According to State Comptroller Nancy Wyman, the projected FY2010 budget surplus was $393.3 million.[6]
Connecticut’s General Fund budget for FY 2010 was $17.375 billion and $17.591 billion for FY 2011. The budget package included transfers of $1 billion in FY 10 and $319.7 million in FY 11 from the Budget Reserve Fund (BRF) to the resources of the General Fund.[7]
Also see Connecticut state budget (2008-2009) for more information.
Budget background
The Connecticut General Assembly meets annually, but sets its budget cycle biennially. Once the state's agencies submit their budget requests for the upcoming biennium the Governor reviews, revises and make any necessary additions before submitting the budget recommendation to the legislature on the first session day following February 14th in odd-numbered years. During even number years the Governor submits a report to the legislature on the status of the enacted budget along with any recommendations for revisions and adjustments.[8]
Accounting principles
The Connecticut Auditors of Public Accounts was under the direction of 2 state auditors appointed by the State Legislature. Their audit reports were published online.[9][10]
| Credit Rating | Fitch | Moody's | S&P |
| Connecticut[11] | AA | Aa3 | AA |
See also
Footnotes
- ↑ Business Week "Conn. gov unveils new plan to fill budget hole" April 29, 2010
- ↑ 2.0 2.1 USA Spending, State Guesstimated* Government Spending
- ↑ The Wall Street Journal “States Face Budget Shortfalls of $26.7 Billion“ Dec. 8, 2010
- ↑ The Hartford Courant "$237 Million State Surplus Attributed To 'Temporary Fixes'" Sept. 1, 2011
- ↑ Connecticutplus.com "Budget signed, some plan to challenge it in court, more join 2012 races" May 9, 2011
- ↑ The Hartford Courant "State's Budget Surplus was Better Than First Projected; Sales Tax Increases Unexpectedly In Slow Economic Rebound" Aug. 3, 2010
- ↑ Connecticut Legislative Office of Fiscal Analysis, “Fiscal Note for H.B. 6802”
- ↑ A Guide to Connecticut's State Budget
- ↑ Connecticut Auditors of Public Accounts Web site, accessed October 12, 2009 (dead link)
- ↑ audit reports (dead link)
- ↑ California State Treasurer, “Comparison of Other States’ General Obligation Bond Ratings”
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