Connecticut Governor Ned Lamont met with Democratic and Republican legislative leaders Tuesday to discuss funding for his 10-year transportation infrastructure plan. The governor spoke as part of the 9th Annual Economic Forum at Fairfield University.
Lamont says he believes an agreement can be reached to fund his $21 billion plan without borrowing too much money.
“I have a way to fix things that doesn’t put bonded indebtedness on the backs of the next generation of Connecticut kids. And I’ve got a plan that doesn’t rob the rainy day fund. And I hope we can get there.”
Lamont says rating agencies have cautioned the state about taking money out of the rainy day fund.
“Moody says you have to have at least 10% socked away for a rainy day. I think I’ll start with that as a benchmark.”
Ten percent of the state’s annual budget would be $2 billion. The rainy day fund has nearly $3 billion.
Lamont’s plan relies in part on revenue generated from 14 bridge tolls. Both Republicans and Democrats have concerns about tolls.
House Democrats have instead suggested a truck-only toll on 12 bridges.
Senate Republicans have proposed a no-tolls alternative. Their plan uses $1.5 billion from the state’s rainy day fund to pay down pension obligations. They say this would free up money from the general fund to pay for transportation infrastructure.
