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Malloy's proposed changes to the two-year state budget also eliminates the $200 personal property tax exemption, creates a new 25-cent deposit on wine and spirit bottles and eliminates education cost sharing for the 33 wealthiest communities, as reported here by the Greenwich Times.
Malloy released his Fiscal Year 2019 budget adjustments, building on the framework of the bipartisan, biennial budget adopted last year.
“The budget we are proposing today is about the future – specifically Connecticut’s long-term fiscal stability,” Governor Malloy said in a news statement. “This plan continues to pay down the state’s long-term obligations, further reduces our reliance on one-time revenues, and identifies clearer and more achievable savings targets in the underlying budget. When it comes to our budget, there are few easy answers left for state leaders – what matters most is that we achieve balance with realistic and responsible changes.”
The Governor’s adjustment proposal:
Includes expenditure and revenue changes totaling more than $266.3 million.
Reduces projected out-year deficits by half; decreasing by $1.35 billion in FY20, $1.43 billion in FY21, and $1.49 billion in FY22.
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