[SteveM85]

Originally Posted by EmiSky

So basically since the stock market did well, CT is doing well by taxing the income from stocks. We’re supposed to be happy that the state is taxing so much and then bragging about surplus?

I'm gonna have to deduct a rep for this.
Yes. Absolutely. We can and should brag. Hundred percent. Joe Millionaire who can play the market will be fine after selling 10K shares of Tesla after a run up. He won't be happy about it but he'll somehow manage to survive. He'll get through the tough times.
CT middle earners and lower income aren't doing that. They can't. The State won't be seeing much market income from that group of personnel, if any at all.

[Mr_250]

Originally Posted by JayCT

According to the State Comptroller’s year end letter on the condition of the State, we are in line to end the fiscal year with a $911.9 million surplus. That’s great news. Below is a link to his letter discussing the state’s economy.

What’s interesting is that except for the stubbornly high unemployment rate (6%), our economy is in surprisingly good condition. It’s really interesting that our state’s Gross Domestic Product (2.7%) is ABOVE the national average (2.6%). Wonder why that is not a headline in the news. Jay

https://westfaironline.com/143977/91...-general-fund/

https://www.osc.ct.gov/public/pressr...l%20Status.pdf

Maybe we can get our $55 dollar checks Malloy promised?!

[EmiSky]

Originally Posted by SteveM85

I'm gonna have to deduct a rep for this.
Yes. Absolutely. We can and should brag. Hundred percent. Joe Millionaire who can play the market will be fine after selling 10K shares of Tesla after a run up. He won't be happy about it but he'll somehow manage to survive. He'll get through the tough times.
CT middle earners and lower income aren't doing that. They can't. The State won't be seeing much market income from that group of personnel, if any at all.

Fair enough. My CT income rate is slightly higher than the state I moved from (VA). And, since my previous post, I’ve seen reports of possible tax cuts, so that’s encouraging and overall good for the state, if it happens.

[ConnecticutSir]

CT to get $500 million in federal funding to fix bridges

Article: https://www.wfsb.com/news/ct-to-get-...5b4ad003c.html

[JayCT]

Fairfield based Bigelow Tea has announced plans to expand in Shelton. They will build a large warehouse/distribution facility on 25 acres in the proposed Mas property industrial/commercial subdivision.

The 70 acre Mas property is a largely landlocked property between Bridgeport Avenue and Shelton Avenue that was once proposed to be a large corporate office park and headquarters for Bridgeport based City Trust Bank. The city eventually got ownership of the property when City Trust shut down decades ago. The site will be accessed by an extension of Constitution Boulevard to the property. The city has already received money from the state to extend the road to the site. This is excellent news. Jay

https://www.sheltonherald.com/news/a...e-16775389.php

[JayCT]

Connecticut state coffers continue to overflow with revenue despite Federal Covid relief money ending. The Rainy Day Fund has been maxed out with $3.1 billion and it’s currently project that this fiscal year with a $2.2 billion surplus. That’s incredible. As discussed before here this is a result of fiscal conservancy and vastly improved revenue returns. This certainly bodes well for a tax cut this year. It’s not a question of if, but rather a question of where. That’s great news. Jay

https://ctmirror.org/2022/01/18/desp...record-levels/

[ConnecticutSir]

Originally Posted by JayCT

Connecticut state coffers continue to overflow with revenue despite Federal Covid relief money ending. The Rainy Day Fund has been maxed out with $3.1 billion and it’s currently project that this fiscal year with a $2.2 billion surplus. That’s incredible. As discussed before here this is a result of fiscal conservancy and vastly improved revenue returns. This certainly bodes well for a tax cut this year. It’s not a question of if, but rather a question of where. That’s great news. Jay

https://ctmirror.org/2022/01/18/desp...record-levels/

Can they raise the limit on the Rainy Day Fund, and should they?

[synchem]

Does the rainy day fund just sit in cash? With CPI at 7%, and real inflation probably 10-14% the purchasing power of those funds just melts away every year it sits there.

[JayCT]

Originally Posted by ConnecticutSir

Can they raise the limit on the Rainy Day Fund, and should they?

I think they’d have to get approval of the Bond Rating agencies. I think the current limit works as long as they agree to keep pumping the excess into the pension funds. That is key to stabilizing the state’s finances in the future. Jay

[JayCT]

Originally Posted by synchem

Does the rainy day fund just sit in cash? With CPI at 7%, and real inflation probably 10-14% the purchasing power of those funds just melts away every year it sits there.

I don’t think it is. I believe the State Comptroller invests it in a variety of places. Jay