Connecticut Towns Are Paying The Price For Malloy’s Failed Leadership

Under Malloy and his top enablers Nancy Wyman and Kevin Lembo, Connecticut’s spiraling fiscal crisis continues to weaken the state’s economy...

Per the RGA:

After ruining Connecticut’s state bond rating, Failed Democrat Governor Dan Malloy and his Democrat Enablers are now working their way down to every municipality in the state. In the wake of Malloy’s latest executive order to drastically reduce municipal aid due to the Democrats’ disastrous budget crisis, Moody’s Investor Services called the move “credit negative for Connecticut local governments.” Moody’s downgraded the state’s overall bond rating earlier this year citing “eroding state income tax receipts, the impending depletion of the state budget reserve, and huge unfunded liabilities.”

Under Malloy and his top enablers Nancy Wyman and Kevin Lembo, Connecticut’s spiraling fiscal crisis continues to weaken the state’s economy with no end in sight. And now as Connecticut’s towns and municipalities bear increasing consequences for their failed leadership, it becomes clearer how desperate the state is for new leadership.

CT News Junkie has more

“A Wall Street rating agency says Gov. Dannel P. Malloy’s revised executive order that would reduce municipal aid is ‘credit negative for Connecticut local governments.’

An analyst for Moody’s Investor Services said the revised order reduces municipal aid by $928 million from 2017 levels…

The revised executive order eliminates ECS funding for 85 Connecticut towns and reduces funding to an additional 54 communities. It restores to 2017 levels funding for Connecticut’s 30 lowest-performing school districts, including Hartford, Bridgeport, Waterbury, and New Haven.

The executive order also eliminates $182 million in PILOT funding and reduces smaller municipal revenue-sharing grants by approximately $131 million.

‘Barring passage of a state budget, the projected cuts will likely force municipalities to take emergency action through supplemental tax hikes or mid-year expenditure cuts,’ Moody’s analyst Joseph Manoleas wrote. ‘Use of reserves to address budgetary shortfalls is a challenge in Connecticut because the median fund balance in the state for towns and cities of 13 percent is already lower the national median of 31 percent of revenues.’”

Previously: 

1 year, 5 months ago

Governors in Iowa, North Dakota and Alabama join GOP colleagues in banning TikTok for state employees

The Republican governors of three more states have joined the growing number of GOP governors who are banning TikTok among state government employees amid security concerns about the Chinese-owned social media platform

1 year, 5 months ago

Arizona Governor Creates Shipping Container Border Wall

Arizona Governor Doug Ducey has had hundreds of double-stacked shipping containers topped with razor wire placed on the state’s border with Mexico

1 year, 5 months ago

Stacey Abrams’s Georgia Nonprofit Could Face Criminal Investigations for Unlicensed Fundraising

New Georgia Project's charity license has lapsed in at least nine states

1 year, 5 months ago

Biden says ‘more important things’ than border visit, despite 59 trips to Delaware, 8 stops for ice cream

Biden has yet to visit southern border despite historic crisis under his watch

1 year, 5 months ago

Governor Kristi Noem delivers annual Budget Address, says the state can afford grocery tax cut

In about thirty minutes of remarks, Governor Kristi Noem laid out her administration would like to see nearly $2.2 billion spent over the course of the next fiscal year and a half.

1 year, 5 months ago

‘A Clear And Present Danger To Its Users:’ South Carolina Gov. Bans State Employees From Using TikTok Amid National Security Concerns

South Carolina became the second state in the union Monday to permanently ban state employees’ electronic devices from using TikTok amid federal officials sounding the alarm that the Chinese-based social media app threatens national security