The projected state budget surplus has turned into a multi-million dollar deficit in the past week. State lawmakers are figuring out what to do with this yearâ€™s budget in the last week of this legislative session.
House Speaker Jim Amann calls the existing two-year budget historic, with increased support for healthcare and education initiatives. But advocates for local towns and municipalities say if no adjustments are made, towns will face a fiscal crisis and may have to raise property taxes. Amann spoke to WNPRâ€™s Where We Live, and he says towns and the state have to look for creative ways to raise revenues.
â€œThese are tough economic times. What the cities have to do is what weâ€™re exactly doing . We have to tighten our belts and make sure that we at least continue to go forward the best we can, until this economy turns around.â€
Amann is satisfied with projected spending as outlined in the budget. He cites that Connecticut has a $1.4 billion rainy day fund, and the last three years Connecticut had a budget surplus. When compared to neighboring states, like New York and New Jersey, Connecticutâ€™s projected deficit is tiny.