Connecticut Governor Dannel Malloy presented a two-year $40.6 billion budget proposal to lawmakers at the state Capitol in Hartford on Wednesday. The plan calls for $1.5 billion in state employee givebacks and shifts about $400 million in teacher pension costs to cities and towns. It also includes about $200 million in new taxes.
Connecticut officials are now projecting that the state will end this fiscal year with a $23 million surplus, as stated in a letter sent by Governor Dannel Malloy’s budget director to the state comptroller on Friday.
Some state lawmakers are rejecting Governor Cuomo’s budget proposal to extend a tax on millionaires. The spending plan was outlined to some lawmakers at a lunch at the governor’s mansion, but won’t be available to the public until later Tuesday.
Connecticut Governor Dannel Malloy spoke about his plan to change the formula for state aid to municipalities with the leaders of small towns on Wednesday. The governor says the plan will ensure that more state money goes to the towns in need.