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04/28/2017 09:31 AMHARTFORD, April 27, 2017 – State Representative Vincent Candelora [R-86] stood side-by-side with House and Senate Republicans and put forth a balanced, no tax increase budget that sets Connecticut on a new fiscal course.
The proposed budget comes as Connecticut faces a $3 billion budget deficit that seems to grow by the day. The budget provides a blueprint to move the state away from years of tax increases and unsustainable budgets that have ultimately cost Connecticut businesses and residents.
The Republican budget spends $700 million less than the Democrats' budget and $313 million less than the governor's budget. The Republican budget establishes a real spending cap with tight restrictions and restores a balanced budget.
Unlike the governor's budget which raised taxes by $200 million and the legislative democrat plan which would raise taxes by over $400 million, the Republican plan DOES NOT raise taxes.
Unlike the governor's education plan, the Republican budget creates a fair and fully functional formula for the distribution of regular and special education funding. Under the Republican education formula, towns will receive adequate funding and can plan school budgets well into the future. The Republican budget also accepts full responsibility for paying teachers' pensions, as opposed to the governor's budget that shifted the burden onto municipalities.
"The Republican budget we've proposed today supports Connecticut taxpayers and businesses with no tax increases and cuts to government spending," said Rep. Candelora. "Our budget provides long-term solutions that will restore Connecticut and allow us to thrive once again."
Other Budget Highlights include: consolidations of state agencies; eliminates funding for UConn branch of FastTrack bus service; eliminates taxpayer funded campaigns; mandatory approval of labor contracts by the General Assembly; requires $700 million in union concessions; enact a constitutional Transportation Lockbox; phases out the income tax on pensions and annuity income; exempts social security from income tax for middle income seniors; cancels bonding $250 million for the XL Center.
According to the latest report by the Office of Fiscal Analysis, the state budget is projected to run a $1.7 billion in deficit in 2017-18, and $1.9 billion in the red in 2018-19, according to Governor Malloy, for a combined biennial shortfall of $3.6 billion.
If the April income tax estimates hold, the deficit forecast would rise to $2 billion in 2017-18 and $2.2 billion in 2018-19 which would represent a potential gap of 10 percent and 11 percent, respectively.
A North Branford resident, Rep. Candelora represents the 86th District communities of Durham, Guilford, North Branford and Wallingford.