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 It’s 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.
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.