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15 Days Since the November 4, 2014 Election

Please note that if you have received more than one copy of this email publication, wish to be removed from FCTO's email list, or add a friend, please notify FCTO at fctopresident@aol.com and include the email address at which you had received FCTO’s communication. Thank you.

 

 

 

 

 

February 10, 2015

 

 

From:  The Federation of Connecticut Taxpayer Organizations
Contact:  Susan Kniep, President
Website: http://ctact.org/
Email:
fctopresident@aol.com
Telephone: 860-841-8032

 

 

The State of our State is Not So Stately

 

Budget Director Warns of ‘Very Treacherous Terrain’...Ahead

 

 

As some state pensions exceed $200,000 and salaries exceed $500,000,

 

Governor Malloy issues raises!

 

 

See Below

 

 

 

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State’s Latest

Fiscal Accountability Report

 

 

State’s long term debt obligations total

 

SIXTY EIGHT ($68) BILLION DOLLARS

 

The Following is the Breakdown

 

Connecticut's Unfunded Liabilities

$$$$        in Billions

Debt Outstanding

21.3

State Employee Retirement System (SERS)

12.3

Teachers’ Retirement System

10.8

State Post Employment Health and Life

19.5

Teachers’ Post Employment Health

2.4

Generally Accepted Accounting Principles Deficit

1.1

TOTAL

$68.4 Billion

 

 

 

 

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The projected state deficit for

 

Fiscal Year 2016 - $1.3 billion

Fiscal Year 2017 - $1.4 billion

Fiscal Year 2018 - $1.3 billion

 

 

 

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It has Been Only Three Months Since the November, 2014 Election!

 

AND ONLY NOW ARE

CONNECTICUT TAXPAYERS & VOTERS

LEARNING THE FULL EXTENT OF

CONNECTICUT’S FISCAL CRISIS

 

As Malloy spends millions on Raises for his Appointees, CTNewsJunkie.com reports that Ben Barnes, Connecticut’s State Budget Director Warns of ‘Very Treacherous Terrain’...Ahead.  Barnes further notes  “the spending everyone cares about in the budget, such as spending on children and education, are falling behind because mandated spending in other areas of the budget, such as pensions and debt service, are eclipsing them. “About 25 percent of the $17.5 billion 2015 general fund budget goes toward the state’s contractual or legally obligated fixed costs. “That includes debt service, which is 9 percent of the budget at $1.6 billion. “Another fixed cost is the annually required contribution to the state employee pension fund, which is 5.6 percent of the budget at $970 million. ‘There also is the teacher’s pension, which is $1.18 billion”.

On Feb 18, 2015, when Malloy releases  his budget we will know if Malloy’s plan includes cutting state aid to municipalities, raising taxes, or maybe it will be tolls as today we learned Ex-aide to Conn. governor reportedly hired by highway toll operator.  What a coincidence! 

 

 

The Federation suggests that state and municipal costs could be

controlled through the elimination or reform of the

State Mandates driving those costs which includes

Binding Arbitration and Collective Bargaining.

 

A visit to the State’s Transparency Connecticut website provides insight into the salaries and pensions taxpayers are paying our State employees which are driven by these mandates. 

In determining State Employee Salaries click Employee Compensation - Transparency Connecticut.  Then click  Advanced Search .   Then go to the bottom of the page and click Search.  Next, go to the last column captioned Total and click twice.  This will give you the highest to the lowest salaries being paid to include employee names.  Brace yourself.  You will be shocked.

 

In determining State Employee Pensions click Pensions - Transparency Connecticut - CT.gov.  Then go to the bottom of the page and click Search.  Next, go to the last column heading Total and click twice.  This will give you the highest to the lowest pensions being paid and the name of the employee.  Brace yourself.  Here too you will be shocked.

 

But you will also be concerned when you read CT News Junkie | Funding Ratio Falls for State Employe...Pensions.  Therein it is noted …..An actuary hired by the state recently estimated that pension obligations for active and retired state employees totaled $51 billion in 2014, and the funded ratio over the past two years has declined slightly.

 

The most recent actuarial valuation of the pension funds showed that as of June 30, 2012, the State Employees’ Retirement System was funded at 42.3 percent. But by 2014 it was funded at 41.5 percent. That means the State Employees’ Retirement System has about $10.5 billion worth of assets, which is enough to cover 41.5 percent of the $21 billion in liabilities. Experts say an 80 percent funding level is considered healthy.  Continue reading at …. http://www.ctnewsjunkie.com/archives/entry/funding_ratio_falls_for_state_employee_pensions/

 

 

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Who is Paying the Highest Property Taxes

 

 

New Jersey is #1, Connecticut is #2!!!!!

 

All but two of the top 10 costliest states are in the Northeast

 

Read More at the following web link: 

 

See Who Pays the Highest (and Lowest) Property Taxes

 

http://realestate.aol.com/blog/2014/10/09/states-highest-lowest-property-tax/

 

 

New Jersey

$7,331

Connecticut

$5,280

New Hampshire

$5,017

New York

$4,559

Massachusetts

$3,955

Illinois

$3,939

Rhode Island

$3,872

Vermont

$3,727

Wisconsin

$3,202

Maryland

$3,075

 

 

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