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Governor Lamont and Secretary Beckham Statements on May 2023 Consensus Revenue Forecast
(HARTFORD, CT) – Governor Ned Lamont and Office of Policy and Management Secretary Jeffrey Beckham released the following statements in response to the May 2023 consensus revenue forecast, which was jointly issued today by the Office of Policy and Management and the Office of Fiscal Analysis:
Governor Lamont said, “This consensus revenue forecast is good news for the state’s general fund, shows the importance of adhering to the fiscal guardrails that are protecting our state budget from wild swings of the stock market, and is yet another reminder that Connecticut cannot responsibly commit one-time revenues to ongoing expenses but should instead deposit surplus revenue into our rainy day and pension funds while the sun shines. Connecticut’s fiscal health has improved dramatically since the bipartisan fiscal guardrails were first passed in 2017. To continue that momentum, we need to pass a budget that avoids the gimmicks and mistakes of the past by adhering to our spending and revenue caps. It’s also good news that although revenues subject to the volatility cap are down $500 million this fiscal year and more than $930 million over the next biennium, that loss does not impact our general fund balance and we still anticipate sizable deposits to our pension funds that will provide budget relief in future years and help us afford a broad-based, middle-class tax cut.”
Secretary Beckham said, “Connecticut remains on solid financial footing, due in part to the fiscal guardrails that have ended the cycle of lurching from one financial crisis to the next. The consensus forecast results in additional revenue for the biennium, which will ease the path to a final budget. The administration looks forward to engaging in discussions with the legislature to pass a budget that builds growth and opportunity for all of Connecticut’s residents and businesses.”
Governor Lamont said, “This consensus revenue forecast is good news for the state’s general fund, shows the importance of adhering to the fiscal guardrails that are protecting our state budget from wild swings of the stock market, and is yet another reminder that Connecticut cannot responsibly commit one-time revenues to ongoing expenses but should instead deposit surplus revenue into our rainy day and pension funds while the sun shines. Connecticut’s fiscal health has improved dramatically since the bipartisan fiscal guardrails were first passed in 2017. To continue that momentum, we need to pass a budget that avoids the gimmicks and mistakes of the past by adhering to our spending and revenue caps. It’s also good news that although revenues subject to the volatility cap are down $500 million this fiscal year and more than $930 million over the next biennium, that loss does not impact our general fund balance and we still anticipate sizable deposits to our pension funds that will provide budget relief in future years and help us afford a broad-based, middle-class tax cut.”
Secretary Beckham said, “Connecticut remains on solid financial footing, due in part to the fiscal guardrails that have ended the cycle of lurching from one financial crisis to the next. The consensus forecast results in additional revenue for the biennium, which will ease the path to a final budget. The administration looks forward to engaging in discussions with the legislature to pass a budget that builds growth and opportunity for all of Connecticut’s residents and businesses.”
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