budget surplus

A coalition of Connecticut labor, community and faith groups want state lawmakers to adjust the state’s fiscal guardrails this year to allow for more spending on public education, health care and housing.

Connecticut’s record $12.5 billion in budget surpluses since fiscal constraints were implemented in 2018 have come at the cost of critical state investments in children and families, according to a report released by the advocacy group Connecticut Voices for Children on Tuesday.

Connecticut Comptroller Sean Scanlon said the state’s fiscal health is the best it’s been in decades, but he warned lawmakers not to rock the boat in next year’s legislative session.

Mayor Justin Elicker wants the city’s Board of Alders to spend $3 million of the $16.4 million rainy day fund on the school district. He also called on Gov. Ned Lamont to loosen the fiscal guardrails and direct more funding to education.

Connecticut’s latest consensus revenue forecast projects the state will end its fiscal year with a $256 million surplus.

Connecticut Budget Director Jeff Beckham defended Gov. Ned Lamont’s support for fiscal guardrails before a key legislative committee, but Democrats pushed back.

Some Connecticut Democrats have joined labor, faith and community groups to create an equity agenda for the state General Assembly to consider this year.

Connecticut is experiencing a budget surplus, and lawmakers say adjustments to fiscal guardrails will be the most contentious proposal on the agenda for the legislative session that begins on Wednesday.

Even if the economy slips, CT could have a rainy day fund approaching $4 billion, its largest fiscal bulwark ever, by next fall.

A new report is expected to show Connecticut's budget remains in balance — but that the days of huge surpluses are over for now.