Kara Rochelle

From my family to yours, we wish you a happy and healthy Thanksgiving!

On this day, we gather with friends and family to celebrate everything we are thankful for throughout the year.

Take this time to reconnect with loved ones and be thankful for the many comforts in our lives.

In this week's update, you'll learn more about Small Business Saturday, Connecticut's credit rating increase, and more!

If there's something you need assistance with or want to speak with me about, please don't hesitate to reply to this email or reach out to me at Kara.Rochelle@cga.ct.gov.

As they work to recover from the devastating impact of the coronavirus pandemic, our patronage will help them not only recover, but prosper so they may in turn continue to contribute to the local and state economy.

To help those already in business or those working to start one, Business.CT.gov provides services for registering and managing compliance needs. The portal aims to encourage entrepreneurship and business growth while working to reduce some of the risk that comes with starting a business.

Our small businesses are at the heart of our communities. This holiday season, find a gift for everyone on your list and let’s keep the holiday spirit of giving alive by shopping, eating, and celebrating locally.

To find small businesses in your area, please click here. 

A special thanks to all the coaches who support these young athletes as well! If you'd like to support the young ladies, they are hosting a fundraiser. Please see the flyer for more information.

Prior to 2018, the State had experienced a long trend of steady credit rating downgrades. Yesterday’s announcement specifically noted that S&P Global Ratings (S&P) has upgraded the State’s General Obligation (GO) bonds credit rating from “A+” to “AA-”, the Special Tax Obligation for Transportation Infrastructure Purposes (STO) bonds from “AA-” to “AA” and the State’s University of Connecticut bonds from “A+” to “AA-”. In 2021, the State’ GO bond credit ratings were upgraded by all four of the major rating agencies, marking the first such credit rating upgrades for the State in two decades.

This announcement is a victory for the residents of Connecticut because it will help lower borrowing costs for projects and services across the state—saving taxpayers millions of dollars.

If approved by PURA, these new rates will go into effect from January 1, 2023, through the first six months of the year.

This is unwanted and unwelcome news at the start of the holiday season, especially as Eversource and United Illuminating enjoy historic profits amid increasing electric generation rates. Customers are experiencing economic hardships and a global energy crisis due to Russia's invasion of Ukraine, which has impacted the natural gas supply. Nearly half of New England's electric generating capacity uses natural gas as its primary fuel, according to ISO New England, which operates the region's power grid. 

Lawmakers will be called into special session this coming Monday, November 28, so we can work on legislation ensuring adequate funding for the Connecticut Energy Assistance Program (CEAP), which provides winter heating cost assistance to income-eligible households, regardless of their heat source. The bill that will be debated includes the following measures: 

• Allocates funds from the American Rescue Plan to the Department of Social Services to financially support the Low Income Home Energy Assistance Program in the event that federal funding is insufficient
• Requires PURA to direct at least 95% of proceeds from fines in fiscal years 2023 and 2024 (including an anticipated fine in excess of $4.4 million) to Operation Fuel  
• Requires nonprofit agencies that are directed proceeds to submit annual reports to PURA detailing how they use the proceeds  

This bill also extends free bus service through March 31, 2023, as well as the current $0.25 gas tax holiday d through December 31, 2022. Starting in 2023, it will be incrementally phased out in over the next five months.

We have been proactive helping those most in need. The “Take Back Our Grid Act” was passed in the fall of 2020, which implemented a performance-based incentive system that ensures earnings and profits by Eversource and United Illuminating are tied to good performance and also enabled PURA to implement low income and economic development rates. 

PURA is also currently in the process of implementing the above mentioned performance-based ratemaking and recently released its final decision to implement a low-income discount rate beginning in January 2024 where eligible customers will receive either a 10% or 50% discount on their utility bills based on their overall household income.

More most be done, and I will be in support of efforts to reduce energy costs during the upcoming legislative session. 

More information on resources for residents who need assistance with high energy costs is available by visiting ct.gov/heatinghelp.

Unfunded pension debt accumulated over 70 years had been weighing down our annual budget, making it difficult to fund other important initiatives. Now: debt should be down by around 10% by the December report, we delivered major tax cuts this year, and are investing in critical areas like education, job training, affordable healthcare, childcare, aging in place initiatives, and more.

We aren’t out of the woods yet, but with discipline we have reduced debt, delivered savings, and are making progress.

Click here to read the article.