Bringing Budget Highlights to YouJune 3, 2019
Today, Chairs of the Appropriations and Finance, Revenue, and Bonding Committees presented the House of Representatives with a state budget.
HB 7242, An Act Concerning the State Budget for the Biennium Ending June Thirteenth, 2021, and Making Appropriations Therefor, and Implementing Provisions of the Budget, is beneficial for Enfield.
I want to ensure you receive first-hand information, so I have reviewed the proposed budget and included some highlights below regarding how it is good for our district.
Budget Benefits Enfield
- Increases Enfield's Education Cost Sharing (ECS) Funding for both years of the budget.
- Increases funding for afterschool programs for both years of the budget.
- No cost shifting of teachers pensions to Enfield.
- Level funding for the town side state grant money.
- Income tax rates do not increase.
- Closes the two year projected deficit.
- Stays within the constitutional spending cap.
- Changes the funding methodology and benefit design to the Teachers Retirement System. This would save Connecticut $183 million the first year and $189 million the second year.
Employee Pension and Healthcare Savings
- A $181 million saving in the first year and $275 million saving in the second year.
- Maintains FY19 taxation and appropriation levels.
- Repeals the Business Entity Tax.
- Phases out the Capital Stock Tax.
- Expands the Angel Investor Program.
- Reduces the Craft Breweries Excise Tax by 50%.
It is important for a state budget to support our small businesses that bring economic activity to our towns while protecting all our residents. I am proud that we are considering a budget that is good for Enfield.