FOR IMMEDIATE RELEASE: January 16, 2025
Contact: Meghan Holden, The Connecticut Project Action Fund, meghanholden@ctproject.org
NEW HAVEN – The Connecticut Office of Policy and Management yesterday released new numbers showing an estimated growth in revenue for the state in 2025. In addition, the Lamont Administration recently disclosed in a budget analysis that it “found” more than $300 million in interest generated from investing American Rescue Plan Act (ARPA) funds. Because of the current structure of the fiscal rules, the state may be forced to direct these funds toward pension reductions and savings, adding to the state’s existing surplus of more than $1.5 billion.
The following is a reaction from Melvin Medina, Vice President of Advocacy and External Affairs for The Connecticut Project Action Fund:
“New numbers suggest Connecticut’s revenue is growing, but that will only be good news for hard working taxpayers if we responsibly adjust the fiscal rules. People deserve a government that values our communities as much as we do, but families are struggling to afford the costs of healthcare, home energy, education, child care, food, and more. Unless we strengthen the fiscal rules through responsible changes, the affordability crisis will only worsen for people across our state, all while our government sits on a billion dollar surplus and potentially even more revenue coming in. It’s time for legislators and the Governor to act for working and middle class by thoughtfully adjusting the fiscal rules.”
A recent report from The Connecticut Project and Tobin Center at Yale University provides data-driven options for responsibly adjusting the fiscal rules.