Senator Fasano Supports Revised Budget Proposal

May 1, 2006

Cites Vast Improvements over Previous Appropriations Budget

State Senator Len Fasano (R-North Haven) today expressed his support for the revised state budget deal that passed the state House of Representatives yesterday evening. Senator Fasano was one of several legislators who voted against the initial budget proposal in the Appropriations Committee. He cited the projected $1.3 billion deficit that would have resulted from that proposal as well as its failure to remain under the state’s Constitutionally-mandated spending cap as some of the reasons for his disapproval. The revised proposal includes changes to these shortcomings along with several other measures Senator Fasano had advocated for. It is expected to be approved by the state Senate later today.

“I, along with several of my colleagues on the Appropriations Committee came out very hard against that Committee’s initial proposal. We felt that with over $600 million in surplus funds there was no excuse to go over the spending cap or deny teachers a full contribution to their retirement fund. Our hard fight paid off and I am very pleased to see the changes that were included in this new proposal,” said Senator Fasano. “Plus, this new budget includes more state funding for our local communities, including my towns of North Haven, East Haven, and Wallingford.”

The one-year $16 billion agreement remains under the Constitutional Spending Cap in Fiscal Year 2007 and fully funds the teachers’ retirement fund in both FY 2006 and FY 2007 by depositing $246 million of the budget surplus into the fund. It also increases the property tax credit from $350 to $500 and eliminates a 15% corporate tax surcharge for the 2007 income year. Further, the budget includes several pro-business incentives to help expand jobs in Connecticut as well as keep businesses in the state.

“This is not a perfect budget, but it is certainly better than the previous proposal that the Majority Party pushed for,” said Senator Fasano. “By helping to stop additional spending proposals, opponents of the original bill were able to free up millions of dollars for to pay for improvements to local education, an increase in the local property tax credit, as well as a variety of business tax credits that will help add new jobs to our state’s economy.”

Senator Fasano is currently serving his second term representing the 34th District communities of North Haven, East Haven, and Wallingford.