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December 5, 2012
From: The Federation of
Connecticut Taxpayer Organizations
Contact: Susan Kniep ,
President
Website: http://ctact.org/
Email: fctopresident@aol.com
Telephone: 860-841-8032
The Federation Asks:
Is State at Risk of Another Downgrade?
Yesterday we learned the State has run out of money to pay its
bills following State Treasurer Nappier ’s letter to the governor . In
response to Nappier ,
Gov. Malloy Authorizes Lines of Credit Up
to $550M; Will Be Tapped if Needed .
On January 21, 2012 the Wall Street Journal in their article captioned Connecticut Balks as Debt Is Downgraded - WSJ.com reported “Moody's
said the new rating, which applies to about $14.6 billion in debt, is based on
the state's high fixed costs to cover pensions and service debt, which reflects
about a fifth of state spending.” The
article went on to say “ State officials said Moody's claims
were flat out wrong, taking a shot at the credibility of the ratings firm. "Connecticut has done all the right
things to shore up our finances, and Moody's has responded with a downgrade
intended to satisfy their internal corporate need to deflect attention from
their historic lack of credibility," said Ben Barnes, the state's budget
chief. “Moody's said its rating change
was based on the creditworthiness of the state. "We understand states aren't happy when
their ratings are downgraded," said Nicole Johnson, a senior vice
president at Moody's.
“The downgrade comes after Mr. Malloy, a Democrat who
plugged a $3.5 billion budget gap last year by enacting the state's largest tax
increase and extracting concessions from state workers, faced criticism earlier
this week when the state's tax collections came up short by $94.9 million.” Continue reading this article at http://online.wsj.com/article/SB10001424052970204301404577173120933496282.html
The Federation Notes that Rather than heed the warning of Moody’s in
January, 2012, the State has run out of money to pay its bills for which it has
to borrow over $500 Million Dollars and is burdened with Million and Billion
Dollar Deficits and Long Term Debt as noted within
The State of Connecticut ’s
recently released
[ PDF]
Fiscal Accountability Report -
Connecticut General Assembly - C
State Budget Outlook (in millions)
FY 13 $
FY 14 $
FY 15 $
FY 16 $
Estimated Expenditures
19,335.8
20,861.7
22,048.7
23,070.7
Estimated Revenue
19,015.1
19,723.6
21,032.3
22,136.6
Surplus/ (Deficit)
($320.7)
($1,138.1)
($1,016.4)
($934.1)
% of Estimated Expenditures
-1.7%
-5.5%
-4.6%
-4.0%
We recommend you read the aforementioned report in its
entirety at http://www.cga.ct.gov/ofa/Documents/year/FF/2013FF-20121115_Fiscal%20Accountability%20Report%20FY%2013%20-%20FY%2016.pdf
Connecticut Also Ranked Number 1
in the Country in Net Tax Supported Debt Per Capita at $5,096
Read More on Pages 30-31 of the Report at http://www.cga.ct.gov/ofa/Documents/year/FF/2013FF-20121115_Fiscal%20Accountability%20Report%20FY%2013%20-%20FY%2016.pdf
Debt Service is Listed
at $95.7 Million for Fiscal Year 2014; $145.3 Million for Fiscal Year 2015; and
$133.7 Million for Fiscal Year 2016.
Debt Service is defined as:
Contractual commitment to pay the principal and interest on existing and
projected future debt obligation.
Read More on Page 7 and 8 of the Report
*************************
To Gain a Greater Understanding of Where our Money is Being Spent
Refer to the Following.
We anticipate Fiscal Year 2012 Info Will Soon
be Posted.
State Salary, Wages and Benefits by
Department in Fiscal Year 2011 Obtained from the State's Transparency Website
Agency Description
Salary and Wages $
Fringe Benefits $
Total $
Department of Correction
444,695,126
150,499,233
595,194,360
University of Connecticut
453,742,286
120,302,331
574,044,617
UConn Health Center
374,228,885
116,021,483
490,250,368
Judicial Department
320,597,697
101,124,938
421,722,635
Connecticut State Universities
292,742,800
84,899,594
377,642,394
Department of Mental Heath and Addiction Services
282,672,772
85,163,735
367,836,507
Department of Developmental Services
267,659,871
94,359,954
362,019,825
Department of Children and Families
264,852,703
85,482,076
350,334,779
Department of Transportation
234,917,464
77,790,956
312,708,419
Connecticut Community Colleges
240,815,658
69,686,450
310,502,108
State Department of Education
152,734,960
54,551,415
207,286,376
Department of Public Safety
145,586,321
44,340,744
189,927,065
Department of Social Services
127,095,888
42,877,545
169,973,433
Department of Environmental Protection
74,933,383
23,840,616
98,773,999
Department of Labor
59,569,303
18,902,402
78,471,704
Department of Public Health
56,669,686
18,793,459
75,463,146
Department of Revenue Services
55,888,044
17,617,014
73,505,058
Division of Criminal Justice
46,835,153
13,435,307
60,270,460
Department of Motor Vehicles
43,745,139
15,972,376
59,717,514
Legislative Management
39,468,211
13,121,125
52,589,336
Public Defender Services
37,096,928
11,015,641
48,112,569
Attorney General
31,247,807
8,986,495
40,234,303
Department of Administrative Services
24,195,611
7,843,657
32,039,269
State Comptroller
21,341,150
6,737,135
28,078,285
Department of Veterans' Affairs
20,696,553
7,283,891
27,980,444
Department of Information Technology
19,927,389
6,105,902
26,033,292
Department of Public Works
13,321,325
4,095,109
17,416,434
Office of Policy & Management
13,598,092
3,756,825
17,354,917
Department of Insurance
11,860,959
3,638,701
15,499,660
Office of the State Treasurer
11,676,666
3,630,133
15,306,799
Department of Consumer Protection
11,264,842
3,644,290
14,909,132
Connecticut Housing Finance Authority
10,922,901
3,362,722
14,285,623
Auditors of Public Accounts
10,036,512
2,958,637
12,995,149
Department of Banking
9,738,015
2,988,463
12,726,478
Department of Public Utility Control
9,716,230
3,004,166
12,720,396
Department of Economic & Community Development
9,403,884
2,923,060
12,326,944
Connecticut Lottery Corporation
8,902,893
3,070,683
11,973,575
Worker's Compensation Commission
8,696,211
2,668,102
11,364,313
Board of Education & Services for the Blind
7,878,238
2,854,673
10,732,910
Division of Special Revenue
7,620,099
2,529,466
10,149,565
Military Department
7,606,247
2,460,325
10,066,571
Agricultural Experiment Station
7,586,526
2,350,609
9,937,134
Board for Academic Awards (Charter Oak
State College)
6,807,408
2,055,597
8,863,005
Connecticut State Library
6,451,535
2,199,396
8,650,931
Secretary of the State
5,476,665
1,838,072
7,314,737
Commission on Human Rights & Opportunities
5,270,518
1,657,705
6,928,223
Office of the Chief Medical Examiner
4,614,909
1,368,761
5,983,670
Connecticut Innovations Incorporated
4,471,698
1,306,741
5,778,439
Department of Agriculture
4,246,655
1,475,007
5,721,661
Department of Emergency Homeland Security
4,336,528
1,286,908
5,623,436
Department of Higher Education
4,099,752
1,264,629
5,364,381
Elections Enforcement Commission
3,801,714
1,291,520
5,093,234
Office of Protection & Advocacy for Persons with
Disabilities
3,176,137
1,035,340
4,211,477
Commission on Culture and Tourism
3,147,597
1,012,627
4,160,224
Commission on the Deaf & Hearing Impaired
2,486,391
921,332
3,407,723
Connecticut Development Authority
2,348,084
687,061
3,035,145
Governor's Office
2,093,220
571,851
2,665,070
Commission on Fire Prevention and Control
2,072,705
546,146
2,618,851
Freedom of Information Commission
1,710,736
533,733
2,244,469
Police Officer Standards & Training Council
1,669,976
509,928
2,179,904
Probate Court Administration
1,579,905
443,609
2,023,514
Teachers' Retirement Board
1,456,980
498,697
1,955,677
Office of State Ethics
1,412,824
438,619
1,851,444
Office of Consumer Counsel
1,188,810
382,069
1,570,879
Office of the Child Advocate
686,662
233,083
919,745
Office of the Healthcare Advocate
680,152
214,147
894,299
Child Protection Commission
647,095
217,895
864,990
Connecticut Siting Council
594,476
182,646
777,122
Soldiers, Sailors, & Marines Fund
568,455
205,533
773,988
Lieutenant Governor's Office
474,602
127,586
602,188
Permanent Commission on the Status of Women
390,543
121,597
512,140
Workforce Competitiveness Office
385,897
98,821
484,718
Commission on Children
330,488
128,549
459,037
Psychiatric Security Review Board
316,524
121,257
437,781
Board of Accountancy
303,884
109,749
413,633
Office of the Victim Advocate
273,894
97,779
371,673
Commission on Aging
241,898
95,817
337,715
Latino & Puerto Rican Affairs Commission
233,462
81,733
315,195
African-American Affairs Commission
179,527
47,729
227,256
Department of Environmental Quality Council
152,199
50,928
203,127
Judicial Review Council
111,411
25,059
136,470
Judicial Selection Commission
72,356
26,603
98,959
Board of Firearm Permit Examiners
71,306
25,725
97,031
Asian Pacific American Commission
34,113
8,965
43,078
Total
4,374,456,119
1,372,237,985
5,746,694,104
For more information on the aforementioned go
to Compensation http://transparency.ct.gov/html/searchPayroll.asp