Governor Malloy: Governor Malloy's FY 2012-2013 Budget Summary

 

 

GOVERNOR MALLOY'S FY 2012-2013 BUDGET

 

 

         Governor Malloy's budget is built on a set of principles that will put Connecticut on the path toward fiscal stability, and ultimately, sustainability.

o   Its main focus is job creation.

o   Its balanced honestly no gimmicks.

o   No new base spending in the general fund.

o   It preserves the safety net.

o   It protects local services by actually increasing aid to cities and towns.

o   It asks shared sacrifice of everyone, not too much from anyone.

 

         Governor Malloy's budget focuses on jobs.

o   "First Five" program to provide incentives for up to five projects that commit to creating not less than 200 jobs.

o   Over a billion in capital investments in state's transportation infrastructure.

o   $130 million on supportive and affordable housing projects.

o   $15 million each year for statewide tourism marketing.

 

         This budget preserves the safety net.

o   Funds caseload growth.

o   Supports nursing homes.

o   Avoids major service reductions.

 

         Governor Malloy's budget protects local services.

o   Cities and towns will have more revenue to avoid property tax increases.

o   Level funding for ECS.

o   Sales tax sharing.

 

         This budget requires a shared sacrifice.

o   $1.5 billion in taxes of which 81% paid by individuals; 19% by businesses.

o   $1 billion in savings from state employees.

o   $758 million in spending reductions.

 

         Highlights:

o   EITC Credit worth 30% of the filer's federal income credit.

o   Proposes a new economic development strategy by consolidating 6 economic departments into the Department of Economic and Community Development.

o   Reduces administrative overhead and directs more money to teaching in state's CSU/community college system.

o   Reduces number of budgeted agencies from 81 to 57 a 30% reduction.