Senator Fasano: Governor celebrates a failed economic plan, creates the illusion of a surplus

Hartford – State Senator Len Fasano (R-34), Senate Minority Leader Pro Tempore, released the following statement today in response to the governor’s announcement of the Office of Policy and Management’s letter reporting a $121.3 million surplus for Fiscal Year 2014.

“Why stop at only a $121 million surplus? Why not bond for more expenses? Why not move more money away from the Special Transportation Fund? Why not employ every tactic we can think of to grow the rainy day fund without cutting expenses, and then pretend to be a fiscally prudent state? Obviously, those suggestions are ridiculous. But that absurd rational is exactly what Governor Malloy is celebrating – a failed economic plan coupled with the creation of an illusion of excess funds,” said Fasano.

“While we all want to see Connecticut’s fiscal health improve, we have to be realistic when we look at the numbers our state is faced with. The ‘surplus’ reported today comes at the cost of shifting expenses off the books, borrowing to fund everyday government expenses, and diverting over $189 million away from the Special Transportation Fund. It is not a true surplus.

“The truth is Connecticut faces a deficit of almost $3 billion over the next two years. Bonding and moving funds around only digs us into a deeper hole, grows our debt and underfunds areas that need our support. We may be able to add a little to the piggy bank today, but that comes at a serious cost.”