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Is Connecticut Having Trouble Paying its Bills?

A new report indicates it is.

 

The state is at such a rapid rate it's raising concerns among some officials that Connecticut may have to borrow money to fund its operating

In a recent report to the legislature's Finance, Revenue and Bonding Committee, State Treasurer Denise L. Nappier wrote that Connecticut's looming $200 million budget deficit has cause the funds in one account used to pay bills to drop "substantially."

The balance of the so-called "common pool," has dropped from $895 million last May to $121 million now, Nappier wrote. With the fund's depletion, she said in her report, and the state's overall spending trend "the need for temporary transfers or other resources is growing."

Her report has sparked fears among some legislators that borrowing may be needed to help fund the state's operating budget, according to a report on the Connecticut Mirror website.

Catherine & Dennis June 21, 2012 at 03:24 AM
11:46 AM A SEC filing from Dollar Tree (DLTR -1.5%) reveals that the company handed out a $10M special one-time retention award to CEO Bob Sasser, directly attributing the lavish payment to the runup of the company's stock price. Though DLTR's 52-week return of 73.9% can't be disputed, the exec could also offer some thanks for a U.S. economy that forced strapped consumers to shop down to find bargains. (Read the comments on this) See more Market Currents on Consumer Recent articles on DLTR: Dollar Tree: Inside The Numbers by Jeff Williams Dollar Tree's CEO Discusses Q1 2012 Results - Earnings Call Transcript 3 Reasons To Avoid Dollar Tree by Sammy Pollack
Catherine & Dennis June 21, 2012 at 03:27 AM
Maybe we will be hit with another retroactive tax to pay for the First Five? Maybe the State can borrow the money from them and others getting millions so we can pay our bills? Fill the Gov's email with NO, email Catherine.Smith@ct.gov. as she assured me in a letter they are doing their due diligence...The taxpayers need to do the same, we need to recall this Gov.
socrates June 21, 2012 at 12:19 PM
The problem we face is that there are more takers than producers in this state, and it's bloated with fat pensions that go to people who could give a damn about anyone else or the effect on taxpayers. Does anyone else think Dan Malloy suffers from ADHD?
Sami Mehmed Jr June 21, 2012 at 03:45 PM
Well, someone had to eventually say it. Congratulations. Expect some response from the public sector since the truth often hurts. Oh! don't forget, that public sector also pays taxes from pay checks financed by taxes. The point is that "bloated fat pensions", and other bloated entitlements are causing Mr Dan Malloy's ADHD!
meowkats4 June 23, 2012 at 12:27 PM
http://www.greenwichtime.com/news/article/State-running-out-of-cash-officials-say-3655452.php The state is only weeks away from borrowing money to pay for monthly operating expenses because its cash accounts are depleted to near-record lows.

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