Statements from Governor Lamont and Secretary Beckham on April 2022 Consensus Revenue Forecast

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02/05/2022

Statements from Governor Lamont and Secretary Beckham on April 2022 Consensus Revenue Forecast

(HARTFORD, CT) – Governor Ned Lamont and Office of Policy and Management Secretary Jeffrey Beckham released the following statements in response to the April 2022 Consensus Revenue Forecast released this morning by the Office of Policy and Management. of Management and the Office of Budget Analysis:

Governor Lamont said, “With today’s exceptional consensus revenue forecast, Connecticut will make a historic contribution to repaying our long-term unfunded pension liabilities, helping the state eliminate reliance on one-time federal dollars to balance the budget and allowing us to deliver much-needed tax relief OPM and OFA now forecast an unprecedented fiscal reserve fund balance at year-end, an increase of $1 billion over consensus January revenue forecast, which will allow us to make record additional payments, totaling more than $3.5 billion, to reduce underfunding of state pension funds. in the years to come and to ensure that we can provide essential services while reducing taxes for residents and businesses. our state for decades has been these unfunded liabilities, and from day one my administration has made reducing these liabilities a top priority. Today, we are keeping that promise. »

Secretary Beckham said“While today’s news is some of the best economic news our state has seen in many years, there remains significant economic uncertainty due to the ongoing pandemic, inflation, disruptions in the supply chain, the war in Ukraine and the evolving international geopolitical climate. Therefore, we must remain fiscally prudent and not commit to any major new spending initiatives underway.”

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