Sen. Frantz Disappointed in Administration’s Failed Fiscal Policies

November 19, 2014

Hartford – State Senator L. Scott Frantz (R-Greenwich), Ranking Member of the General Assembly’s Finance, Revenue and Bonding Committee, released the following statement regarding the state’s declining cash position and State Treasurer Denise Nappier’s decision to transfer money from bond proceeds to help cover operating expenses.

“This news is disturbing, but sadly is not surprising. The state is in a financial crisis because warnings that Connecticut was headed down the wrong path have been continuously ignored,” said Frantz.

“Connecticut currently faces a deficit of approximately $100 million, deficits of almost $2.8 billion in the coming years, and significant long-term challenges with respect to unfunded liabilities. At today’s State Bond Commission meeting the state has maxed out its credit card, and the last thing the state can afford is continuing to borrow to pay for operational expenses.

“Such borrowing against the bonding accounts illustrates the fact that our revenues cannot support current spending levels. Instead of addressing the disconnect and financial mismanagement, the administration has turned to the state’s credit card for help – a disappointing decision that spells trouble for our fiscal future,” said Frantz.