Statement on Consensus Revenue: Urges Cautious Optimism

Senate Republican Leader Len Fasano (R-North Haven) released the following statement regarding consensus revenue estimates released today by the Office of Fiscal Analysis and Office of Policy and Management.

“Connecticut should view these numbers with cautious optimism. The numbers affirm that national growth has benefited Connecticut and the policies of our bipartisan budgets are beginning to move Connecticut in a positive direction. However, we must remain cautious and not use early signs of growth as an excuse to abandon fiscal restraint.

“There are two major reasons we must remain careful: 1) part of this bump in revenue may include double payments as a result of changes made to the pass through entity tax which will result in increased refunds to many individuals later this year; and 2) every economist is predicting a recession is right around the corner. We have to prepare for the expected downturn now and ready ourselves for even greater challenges on the horizon to avoid the same long-term devastation we saw during the last recession.

“The responsible financial policies we passed with bipartisan support over the last two years are starting to build confidence back in our state. These bipartisan efforts were only the beginning of what we can do when we work together and consider ideas from both sides of the aisle. Today’s projections emphasize that Connecticut needs to remain focused. We need to continue protecting core services, avoiding new tax burdens, and living within our means by honoring our new spending and bonding caps and preserving the rainy day fund.”