Jennifer Leeper

I have great economic news to share with you! Due to our historic payments toward our unfunded liabilities, a record rainy day fund, and smart investments in the future of our state, the credit rating agency Standard & Poor’s (S&P) just raised Connecticut’s general obligation bond outlook from stable to positive.

Connecticut currently has a $4.8 billion budget surplus and a $3.1 billion rainy day fund. The historic budget adjustment package we passed in the legislative session promotes financial responsibility and makes meaningful investments in our community. 

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 a long way to go on 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.

Where do we stand when the emergency federal pandemic relief expires?

The Office of Fiscal Analysis projects that the state's once-anticipated 'fiscal cliff' will be gone by the time pandemic aid expires. This is due to our smart reforms and cautious spending of federal aid, with a focus on paying down our debts. The state's "volatility cap" requires the state to save a portion of volatile quarterly income tax receipts tied to investment and business earnings. On average, this fund has saved $1.1 billion per year and this year it is projected to save $2.7 billion. What all this good news means is that by 2024-25, when CT spends the last of the ARPA funds, the previously projected deficit is estimated to actually be $675 million surplus.

How much funding will Fairfield receive?

In FY 2023, Fairfield will see an additional $1.2 million in total state aid over what it received in FY 2022. These funds will be distributed largely through our tiered PILOT (Payment In Lieu Of Taxes) program. Last year, adjustments were made to the PILOT formula to give greater weight to land that is owned by universities, which- with our two universities- I was in strong support. I am thrilled to share that this year, Fairfield will collect significantly more in PILOT funds than it used to receive in tax revenues from GE.

I'm thrilled to share with you that I was able to secure $75,000 in the budget for a new scoreboard at Fairfield Ludlowe High School! The current scoreboard is nearly 20 years old and hasn’t been functioning properly for many years. Ludlowe student-athletes, and all those who utilize their turf field, have been patiently waiting for this upgrade. I'm looking forward to seeing this project get underway! Click below to read the press release: