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Is Connecticut Having Trouble Paying its Bills?

A new report indicates it is.

 

The state is at such a rapid rate it's raising concerns among some officials that Connecticut may have to borrow money to fund its operating  

In a recent report to the legislature's Finance, Revenue and Bonding Committee, State Treasurer Denise L. Nappier wrote that Connecticut's looming $200 million budget deficit has cause the funds in one account used to pay bills to drop "substantially."

The balance of the so-called "common pool," has dropped from $895 million last May to $121 million now, Nappier wrote. With the fund's depletion, she said in her report, and the state's overall spending trend "the need for temporary transfers or other resources is growing."

Her report has sparked fears among some legislators that borrowing may be needed to help fund the state's operating budget, according to a report on the Connecticut Mirror website.

john vila June 09, 2012 at 12:44 PM
I sure hope not.The xitizens and the state employees have been raped enough.
MAC June 09, 2012 at 05:27 PM
Excuse me? How have state employees been "raped"? I would agree with the gist of your comment regarding the TAXPAYERS of the state. Meanwhile, state employees have guaranteed wage increases, and virtually no layoffs, because Malloy capitulated to the UNIONS and broke his campaign promises to combine departments and reduce the humongous state work force. As far as the state having to BORROW to pay daily operating expenses, this is not news. Malloy's huge tax increases, as well as the generally over-regulated and taxed business environment, are driving businesses out of the state! And with the general economic malaise, revenues are much lower than he and his oblivious DEM colleagues in the LOB rosily counted on.
John Del June 09, 2012 at 08:26 PM
If you think we are out of money now.Wait until the 700 million dollar busway from Hartford to New Britan gets going.What a waste of taxpayer money.Maybe Gov Christi will move to Conn.
WaterWalker1313 June 09, 2012 at 10:44 PM
Dear CT CL&P Customers... here's a little news that good ole CL&P doesn't want anyone to find out about... As of the end of this month, ALL sub-contracted workers will no longer be in CT. What this means, is that should CT get hit with any type of Storm, all power restoration will make Tropical Storm Irene look like a tea party! We will not have the man power or the equipment to restore anything, anytime soon! It amazes me how CL&P can do this without letting the General Public know about it, or without giving the GP a voice on the matter. This state is running itself into a hole and it's taking us taxpayers with it! We are expected to bail out banks, but people don't matter...

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