Improving Fiscal Outlook for Connecticut

December 7, 2022

Dear Neighbor,

I am pleased to report that responsible budgeting and major structural changes made to pension and teachers' retirements plans are putting Connecticut on much more solid fiscal ground and saving taxpayers billions in debt payments.

The Office of Policy and Management noted the teachers' retirement unfunded liability has been reduced by a billion dollars in the last year. Combined with other recent deposits, the state will save $9.4 billion over the next 25 years.

Millions of dollars that would have otherwise gone to debt payments can be freed up to continue investments in childcare, mental health, higher education, and workforce training, improving the quality of life for all residents.

CT Insider Article
While our fiscal outlook is good, we remain cautious, and remain disciplined in our budgeting.
I will continue working with my colleagues to help make sure we set realistic expectations for our revenue and spending policies to keep our state moving in the right direction.