Letter: Frantz says Connecticut is making poor fiscal choices [Greenwich Post]

December 1, 2014

Greenwich Post

As ranking member of the General Assembly’s Finance, Revenue and Bonding Committee I am disappointed by the news we’ve received about the state’s perilous cash position and State Treasurer Denise Nappier’s decision to use bond proceeds to help cover operating expenses.

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

Connecticut faces a current fiscal year deficit of approximately $100 million, deficits of almost $2.8 billion in the coming two years and significant long-term challenges with respect to unfunded liabilities. With these kinds of deficits in our future, the state’s cash crunch will only get worse and such repeated borrowing against bonding accounts will only worsen our credit rating and jeopardize our solvency.

Instead of addressing fiscal mismanagement, the administration has turned to the state’s credit card for help. This is a disappointing decision that spells trouble for our fiscal future.

L. Scott Frantz, GreenwichThe author is the state senator for Connecticut’s 36th District.