Facing a total budget deficit of $3.6 billion over the FY 2018-2019 biennium ($1.7 billion in FY 2018 and $1.9 billion in FY 2019), Governor Malloy presented a proposed budget to the General Assembly today that relies heavily on sacrifices from working families, including more than $1.5 billion in concessions from state employees. It contains vital program and service cuts of $1.363 billion in FY 2018 and $1.633 billion in FY 2019.
The budget proposal does not include significant revenue streams, including raising income taxes on residents who earn more than $500,000 per year, taxing hedge fund managers’ “carried interest” income appropriately, fining low wage employers who abuse the taxpayer-funded safety net, establishing highway tolls or legalizing marijuana sales.
The full proposal can be found on the Office of Policy and Management’s website. The Governor’s address to the General Assembly can be viewed on his website.
The General Assembly will hold a series of public hearings on the budget over the next several weeks, beginning with the Appropriations Committee February 14-24, before it produces its own budget proposal by the end of April. The General Assembly will then negotiate with the administration to develop a final compromise budget, which is expected to be adopted before the General Assembly adjourns at midnight on June 7th.
Click here to read the full list of highlights of the Governor’s budget proposal that impact working families.
Also check out our press statements on the budget: