The House Budget Makes Historic Education Investments

June 7, 2023

After months of negotiations, the Legislature approved a state budget that includes the largest income tax cut in the state’s history and significant increases in funding for local schools, also known as Education Cost Sharing (ECS) funds.
This balanced, bipartisan budget maintains our commitment to fiscal responsibility and stability while strengthening our economy, and delivering on key investments to support children, families and seniors.  This budget also keeps in place fiscal controls that help the state maintain its excellent credit rating and pay down debt.

Key highlights:

  • Deposits $3.3 billion into the Rainy Day Fund, helping us maintain a high credit rating and preparing us for any possible economic downfall.
  • Pre-pays an additional $2.072 billion in unfunded pension liability.
  • Includes the largest Personal Income Tax Cut in CT history ($190.6 million in FY 24 and $421.7 million in FY25).
  • Exempts more retiree income from the state income tax.

Education Cost Sharing (ECS)
Hamden will receive $2,017,067 in additional Education Cost Sharing (ECS) aid in FY 24 over FY 23. The town will also receive an additional $6,575,640 in Education Cost Sharing (ECS) aid in FY 25 over current FY 23.   
Total State Aid To Hamden

In total Statutory Formula Aid Hamden will receive an additional $7,064,043 in FY 24 over FY 23. The town is also expected to receive an additional $11,624,767 in total Statutory Formula Aid in FY 25 over current FY 23.

In total, the Town will receive $58,609,097 in overall state aid this fiscal year, and $63,169,821 in total state aid in the next fiscal year.

This state aid, along with many other state grants, will help the town and Mayor Garrett continue to manage the town's finances effectively, and help reduce the burden paid by local property taxpayers like you and me.  Indeed, credit rating agencies recently upgraded the Town's rating, recognizing the Town's responsible fiscal management that is in place, and that we, in the state delegation, work hard to support.

In the coming weeks, I plan to share more details on provisions in the measure to help you understand what this means to you. Click here to access an electronic version of the budget.