Great Economic News for CT
June 1, 2022Connecticut's general obligation bond outlook was just raised from stable to positive by the credit rating agency Standard & Poor’s (S&P). This pivotal economic news is due to our historic payments toward our unfunded liabilities, a record rainy day fund and smart investments in the future of our state.
The historic budget adjustment package we passed in the 2022 Legislative Session promotes financial responsibility while still cutting taxes and making meaningful investments in our communities. Connecticut currently has a $4.8 billion budget surplus and a $3.1 billion rainy day fund – the legal maximum for the state.
According to the latest budget estimate from Governor Lamont's administration, our state is poised to pay down an additional $3.6 billion toward the long-standing unfunded pension liabilities. This pension payment is in addition to the $2.9 billion scheduled payment. Utilizing our budget surplus to pay down pensions puts us on a solid fiscal footing for the future and helps to save taxpayers' money. While we still have more work to do addressing our legacy pension debts, these supplemental payments are expected to drive down the minimum required contributions the state must make by as much as $400 million a year, freeing up those resources for other priorities.
Ramp Closure in East Hartford
The Connecticut Department of Transportation announced that roadway construction work causing a ramp closure to Route 5/15 southbound from East River Drive Extension will begin on Friday night, June 3, 2022.
The road work, including reconstruction of bridge joints on the Charter Oak Bridge, is necessary to complete the construction of the roadway as part of the I-91 Charter Oak Bridge Project.
CTDOT Project number 0063-0703 and 0159-0191 was awarded to O&G / BHD, Joint Venture at a cost of $240 million. Work began on April 1, 2019 and is anticipated to be totally completed by October 18, 2022. This project is administered by the Bureau of Engineering and Construction, Office of Construction, District 1 in Hartford, CT.
RAMP CLOSURE INFO:
The On Ramp to Route 5/15 Southbound from East River Drive Extension in East Hartford, will be continuously closed to traffic beginning Friday, June 3 at 9 p.m. and ending on Monday, June 5, at 6 a.m. Work schedule is weather permitting.
The detour route will direct travelers, on East River Drive Extension bound for Route 5/15 southbound, to proceed to Silver Lane and take that on-ramp to Route 5/15 southbound. The two through lanes on Route 15 Southbound will remain open.
| ParkConneCT Now Open for the Summer
It is now easier than ever to visit a Connecticut State Park. ParkConneCT, a transportation service that offers fare-free buses to Connecticut beaches and state parks, is now open for the summer season. This expanded service will run through Labor Day. ParkConneCT makes our state parks and beaches more accessible, ensuring that all residents will be able to enjoy Connecticut's beautiful outdoor offerings. The following parks are included in the ParkConneCT program:
As a reminder, all statewide busses will continue to operate without fare collection until December 1st, 2022. If you are looking for a great outdoor activity during the summer months, I encourage you to take advantage of the free ParkConneCT busses. For more information on the program, including a schedule, please click here. Child Tax Payments Applications Open Applications for the Child Tax Payments that was included as part of a historic $600 million in tax cuts in our 2022 state budget are now open through July 31, 2022 - recipients will receive funds beginning in late August. Any Connecticut resident who claimed at least one dependent child under the age of 18 on their 2021 federal income tax return may be eligible to receive a maximum payment of $250 per child (for up to three children) with the following income guidelines (higher incomes may be eligible for a reduced rebate): |