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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.

meowkats4 June 8, 2012 at 04:34 am
The question asked is: Do you think the state may have to borrow money to keep paying its bills? How do we know as Citizens in this STATE? We are begging them to STOP THE SPENDING. Oh, no they won't, Mr. Tax and Spend Malloy, did a lot of traveling, and sucking up our tax dollars for this and that projects. with our Tax Dollars. Now they look at their budget and say they may not be able to pay its bills!. Well, don't come back at us Tax Payers, we are too busy trying make our every day living liveable on our budgets. Aw the STATE doesn't have a budget--there is your answer!.
Steven Johnston June 8, 2012 at 11:04 am
Bryan Hurlburt from Tolland is exactly the same way. I pray the residents of Tolland remember in November and send Bryan home. He is a nice guy, just horrible at not spending other peoples money.
Bob June 8, 2012 at 02:03 pm
Malloy is spending us into oblivion! STOP THE WASTEFUL SPENDING!
The Bus Way Needs To STOP as Well-A HUGE Waste Of Taxpayers Money!
Sam June 8, 2012 at 02:10 pm
This is what happens when you send a bunch of liberal fools to Hartford to watch over our tax dollars. That bus line project between New Britian and Hartford they all voted for is going to be one of the biggest wastes of tax dollars in connecticut history you just watch. Just wait for all the cost over runs they will approve. As far as David goes he should probably only be a one term legislator, By voting for the biggest tax hike in state history he has shown he is not representing the people of his district, he has shown he is just going to follow Malloy and his party and not look out for the people who actually pay the taxes they are raising and spending.
Spiff June 8, 2012 at 03:15 pm
Yes Sam, the people in this state have to start electing officials who will actually watch out for those who are paying their salaries, officials who promote fiscal responsibility, officials who care about consumers, small businesses, and creating an economy that will help pull us out of this stagnant recovery. Unfortunately, the majority of legislators in this state are beholden to Dan Malloy and the Democratic party and are not interested in fostering an environment where consumers and small businesses will thrive. And yes, you are right, David Kiner has simply done what Malloy has told him to do. He has supported every single one of Malloy’s anti-growth policies and should not be re-elected. I say one and done for Mr. Kiner.
Disillusioned June 8, 2012 at 03:22 pm
You should read up on the busway. It was first proposed and pushed by Governor Rowland! Then after he was forced to resign in shame as a felon, the torch was taken up by his successor - M. Jodi Rell.
In case you were wondering, neither of them are "liberals"! But, now that the project that Rowland and Rell pushed is going forward under a Democratic Governor, all of a sudden it's a bad idea. Where were all of you when the republican governors proposed it and championed it?
Spiff June 8, 2012 at 03:41 pm
Well, Disillusioned, I was against it then as well! Unfortunately I didn't have a forum like the Patch back then to voice my dissatisfaction.
meowkats4 June 8, 2012 at 03:56 pm
Disillusioned---- Many proposals are handed before Governors, for review by the Department of Transportation. When they don't get passed or approved, they bring them up again and again. Look the People of Connecticut "Right NOW" Don't want this Bus-way!. I was not interested back in Rowlands/Rells administration either, but it did not get PUSHED down our throats then either! This is not the time or the Economy to do such a big project when the darn STATE can't even pay it's bills!!!
Spiff June 8, 2012 at 03:58 pm
Hear, hear, Kathy!
socrates June 8, 2012 at 06:01 pm
The biggest tax increase in HISTORY and they're still outspending it. But what else could you expect from democrats?
socrates June 8, 2012 at 06:07 pm
The arguments here are that democrats are not smart enought to stop wasting our money. OK, I agree
Dennis & Catherine Cicero June 8, 2012 at 08:55 pm
Here is an idea.....The State is considering giving millions of our tax dollars to Dollar Tree a Fortune 500 company that will "pay" employees $25k a year. I note "pay" because if you look on the web under Dollar Tree Lawsuits you will see many, many suits where the employees filed class action suits just to get their pay. This is corporate blackmale and appears to be a new game so Dan can add 200 jobs to his "accomplishments". Everyone needs to write to him to stop this. Until recently when we tried to contact the office we were told it was a "trade secret". Imagine that..giving away OUR tax dollars to a Fortune 500 company is a trade secret. First Ticket Network, then the communists, now this. The building is to be built within 150 feet of homes, on top of an aquifer that feeds the homes their water, they intend to take the dieldren and chlordane in its highest concentrations and move that closer to the homes to put in plastic bags inside berms that will have trees with roots to grow through the bags. The diesel (carcinogen) from 160 trucks will poison the neighbors, to include children, lessen everyone's home values, and the 160 trucks will cause Rt 20 to be paved over and over again -let's not forget that in tough economic times we forget all we have learned about the environment and ruin the wetlands as well. Amazing!!!
Amalita Grimes June 8, 2012 at 11:11 pm
Wow...what an unusually anemic story for Enfield Patch. Regardless of which side of the issue you are on surely, the reporter could have written a longer more well researched story than this. Somebody is phoning it in.
Zane June 9, 2012 at 11:58 am
@Amalita Grimes: Since you seem to have enough free time on your hands to insult the author of this topic for discussion (that's what it is after all), maybe you think you could do better. Well, by all means go ahead. Until then, keep your judgemental insults to a minimum. You don't have to tell people everything that pops into your head.
000 June 9, 2012 at 01:00 pm
@Zane; Since you seem to have enough free time on your hands to insult those who comment on this topic for discussion (that's what it is after all), maybe you think you could do better? Well, by all means go ahead. Until then, keep your judgemental insults to a minimum. You don't have to tell people everything that pops into your head.
Dennis & Catherine Cicero June 9, 2012 at 01:58 pm
Connecticut should learn a lesson from Rhode Island. The news today on CBS spoke to the $70 million loan given to Kurt Schilling for his gaming business to bring 200+ jobs to the State. The people are already out of work, the business failed and the taxpayers are furious that their tax dollars were wasted in this manner. The Governor and the DECD Catherine Smith and local towns such as Windsor, need to get out of the charity business to big business (especially those that are Fortune 500 companies) and get to responsible governing. Everyone needs to write to the Governor and to Catherine Smith at Catherine.Smith@CT.gov to tell them NO to more loans and write your local Town Council to tell them the same. Stop the misuse of our taxes!!
Zane June 9, 2012 at 02:05 pm
@Zachary Smith: Feel better? I know I do.
meowkats4 June 9, 2012 at 02:17 pm
Gee, it sounds like State Governors went to that meeting last fall and all agreed on swapping with each other for their bad businesses around the country. Here is another one Connecticut is taking on!!!
Oklahoma City chemical firm Tronox is relocating its corporate headquarters to Stamford, Conn., a move company and state officials there say will create 100 jobs over three years. The company — which produces titanium dioxide, a white pigment commonly used in paint and various coatings — will retain some officies in OKC, Connecticut Gov. Daniel P. Maloy said in a statement. Connecticut offered Tronox a $3 million loan with discount rates, reports the Hartford Courant’s Mara Lee: The first $2 million would be forgiven if 60 full-time jobs were established in the first year, and the entire loan would be forgiven if the company sustained 100 jobs for three years. Tronox filed for bankruptcy in 2008, and emerged from restructuring last year. “The company was spun off from Kerr-McGee in 2005,” The Oklahoman’s Paul Monies reports. (Source:) http://stateimpact.npr.org/oklahoma/2012/06/06/connecticut-lures-okc-chemical-firm-with-3m-loan/
Dennis & Catherine Cicero June 9, 2012 at 03:20 pm
Great point Kathy. Everyone needs to speak out against this 'policy'. It is robbing all of us.
Sami Mehmed Jr June 9, 2012 at 05:20 pm
Maybe not directly on target! No matter what side of the budget fence you stand! Charles Krauthammer's article published in the Hartford Current, "Wisconsin Vote"
deserves attention because the article address the real reasons behind the recall. One point that is highlighted is that Wisconsin's budget is balanced. Yes, and if I may add, it appears with little or no impact on the overall lifestyle. services, or safety of any citizens. Malloy has to be a one term governor and term limits are needed in the state of Connecticut.
Paul Chotkowski June 10, 2012 at 02:41 pm
You get what you vote for! So long as “We the People” elect Progressive / Socialist / Marxist politicians who pander to the voters all the while working on their desire to “REMOLD IT CLOSER TO THE HEARTS DESIRE” [see the Fabian Society’s window at the London School of Economics]. The “IT” is the world specifically the USA and their “HEARTS DESIRE” is a Marxist Utopian Society run by properly educated and indoctrinated elites. They will move "Forward" thru Progressive change [don’t forget the Hope] rather than thru bloody revolution [I'm willing to forgo the cheap satisfaction of the radical pose for the deep satisfaction of radical ends." Van Jones, BHO’s Green Jobs Czar]. And lest we forget, please recall that Saul Alinsky dedicated his Rules for Radicals to “... the first radical known to man who rebelled against the establishment and did it so effectively that he at least won his own kingdom — Lucifer”. In their current incarnation, these Progressives / Socialist seek redistributive justice under the doctrine of collective salvation but Marxism by any other name still smells as rank! Wake up CT! You get what you vote for and pretending that crony capitalism can buy you enough jobs to rebuild the state’s economy is delusional. Take a lesson from Wisconsin, vote for leaders with the spine to enact structural change and a vision that does not require the use of the coercive power of the state to enact their Progressive / Socialist agenda.
Dennis & Catherine Cicero June 10, 2012 at 05:12 pm
Malloy has been embarrassed twice now in bringing in Ticket Network to get tax money, then take it away, he then gave it to the communists and took that away, now he is giving it to a company in Stamford that is just coming out of bankruptcy and also considering giving millions to Dollar Tree Distribution who allegedly will bring in 200 jobs and pay these employees $25k a year. See the web for the many class action lawsuits employees have brought against Dollar Tree to get their meager wages. The only ones getting rich at this company, a Fortune 500 are the ones at the very top. Why is this money not given to smaller business that is the bread and butter of the economy? How about giving tax breaks to the citizens who are still trying to recover from the retroactive tax? Write the Governor and write the head of the DECD Catherine Smith, Catherine.Smith@ct.gov as she is considering giving tons of taxpayer dollars to Dollar Tree any day now. Stop the madness!! The Town of Windsor already voted through an abatement for this company at $2.8 million and then raised taxes on its taxpayers for the same amount. See the news in Rhode Island at how upset the taxpayers are there that their government gave money to Kurt Schillings company that is now defunct, all jobs lost and the tax payers left with nothing but debt. Maybe it's time to discuss recall votes?
Paco Rivera June 12, 2012 at 03:26 pm
When you have BOTH HOUSES AND A GOVERNOR OF THE SAME PARTY..........AND THEY FAVOR TAX, TAX AND SPEND SPEND....that's what you get!!! ps. There has not been a job created in CT in over a decade (jobs lost and jobs replacing them)...but he legislature keeps getting re elected. Jobs go elsewhere but we keep taxing and spending and making government dependant people. Hey when I retire I'm going to a more Retiremnt Friendly state....pps CT is the 3rd most unfriendly state to retirees..according to the WSJ.
Dennis & Catherine Cicero June 13, 2012 at 03:59 am
See article in the JI tonight -"Bill would keep secret info about businesses getting state money" FOI advocates today mounted a last minute offensive against a provision in the budget implementation bill they say would drastically curtail or even shut off public access to data collected by companies that get state subsidies. They contend the proposed law would greatly expand an exemption for businesses"trade secrets" calling it a "formula for corruption and gross mismanagement" by government. People...this IS OUR MONEY!!! A secret? WAKE UP!!!! 1st Ticket network, then the communists, then a company in Stamford just coming out of bankrupcy, they are considering your money going to Dollar Tree to move to Windsor-see the web about all the class action lawsuits against them by employees because they dont pay their wages. The taxpayers, YOU are paying for this. There needs to be a real movement to stop this and stop this now!!!!! WAKE UP!!!
Dennis & Catherine Cicero June 13, 2012 at 04:06 am
further quotes from the JI article: "it doesnt even take people's right-to-know into consideration. .....that would allow the government to hide anything about a project. You could wake up one morning and have an office park in your neighborhood. Very interesting quote since that is exactly what was attempted (and still ongoing in Windsor with Dollar Tree). If it was not for old fashioned investigation by neighbors that is exactly what would have happend with the fast track policy and a 24/7/365 Distribution Center slated for a neighborhood. Just because it is not in YOUR backyard, you WILL pay for it when the State sneaks the millions to this Fortune 500 company then raises your taxes again to foot that bill. How much more can you afford to pay???
Dennis & Catherine Cicero June 21, 2012 at 03:24 am
11:46 AM A SEC filing from Dollar Tree (DLTR -1.5%) reveals that the company handed out a $10M special one-time retention award to CEO Bob Sasser, directly attributing the lavish payment to the runup of the company's stock price. Though DLTR's 52-week return of 73.9% can't be disputed, the exec could also offer some thanks for a U.S. economy that forced strapped consumers to shop down to find bargains. (Read the comments on this)
See more Market Currents on Consumer Recent articles on DLTR: Dollar Tree: Inside The Numbers by Jeff Williams Dollar Tree's CEO Discusses Q1 2012 Results - Earnings Call Transcript 3 Reasons To Avoid Dollar Tree by Sammy Pollack
Dennis & Catherine Cicero June 21, 2012 at 03:27 am
Maybe we will be hit with another retroactive tax to pay for the First Five? Maybe the State can borrow the money from them and others getting millions so we can pay our bills? Fill the Gov's email with NO, email Catherine.Smith@ct.gov. as she assured me in a letter they are doing their due diligence...The taxpayers need to do the same, we need to recall this Gov.
socrates June 21, 2012 at 12:19 pm
The problem we face is that there are more takers than producers in this state, and it's bloated with fat pensions that go to people who could give a damn about anyone else or the effect on taxpayers.
Does anyone else think Dan Malloy suffers from ADHD?
Sami Mehmed Jr June 21, 2012 at 03:45 pm
Well, someone had to eventually say it. Congratulations. Expect some response from the public sector since the truth often hurts. Oh! don't forget, that public sector also pays taxes from pay checks financed by taxes. The point is that "bloated fat pensions", and other bloated entitlements are causing Mr Dan Malloy's ADHD!
meowkats4 June 23, 2012 at 12:27 pm
http://www.greenwichtime.com/news/article/State-running-out-of-cash-officials-say-3655452.php
The state is only weeks away from borrowing money to pay for monthly operating expenses because its cash accounts are depleted to near-record lows.

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