Community Corner
State's Bills Stress Depleted Account
Amount of bills could exceed balance in account.
The state is at such a rapid rate it's raising concerns among some officials that Connecticut may have to borrow money to fund its operating
In a recent report to the legislature's Finance, Revenue and Bonding Committee, State Treasurer Denise L. Nappier wrote that Connecticut's looming $200 million budget deficit has cause the funds in one account used to pay bills to drop "substantially."
Nappier wrote that the balance of the so-called "common pool," has dropped from $895 million last May to $121 million now. With the fund's depletion, she said in her report, and the state's overall spending trend "the need for temporary transfers or other resources is growing."
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The report has sparked fears among some legislators that borrowing may be needed to help fund the state's operating budget, according to a report on the Connecticut Mirror website.
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