Report Offers Solutions to Short, Long-Term Budget Challenges
The state’s largest business association today delivered a fiscal report to the Connecticut General Assembly, addressing both short and long-term solutions for resolving the state’s budget crisis.
The CBIA report, Fixing Connecticut’s Fiscal Problems, outlines a package of spending reforms, long-term solutions, and best practices.
“It’s critical that state government becomes more effective, more accountable, and creates more affordable policies for its families and businesses,” said CBIA President & CEO Joe Brennan.
“We have to keep state spending within taxpayers’ means. Tax increases cannot be the only option on the table–they haven’t worked and they will continue to make this situation worse.”
The report identifies five key areas of reform including:
- Modifying state employee retirement benefits
- Expanding the use of quality nonprofit providers
- Continue reforming the corrections systems
- Rebalancing long-term healthcare
- Continue streamlining state government
“The state must deliver essential state services to the neediest citizens, and find a way to do so that doesn’t increase taxes and drive more families and businesses out of the state,” said CBIA economist Pete Gioia.
“Accelerating the conversion of state services to nonprofit community providers and continuing to streamline the corrections system alone could save hundreds of millions of dollars in a short amount of time.”
The report not only identifies areas of reform, but each section includes best practices implemented by other states.
“It’s important to see where other states are excelling and determine how their best practices can work for Connecticut,” said Brennan.
“We are not alone in facing our challenges, but failure to address them now will make it extremely difficult for Connecticut’s economic recovery to catch up to neighboring states any time soon.”
The report emphasizes the importance of abiding by the state’s spending cap.
“Holding the line on spending cap exemptions is critical to controlling state spending, restoring long-term fiscal stability to Connecticut, and demonstrating to taxpayers and businesses that the state is serious about improving its economic competitiveness,” said Brennan.
Download a copy of the Fixing Connecticut’s Fiscal Problems or contact Meaghan MacDonald (860.244.1957) for a copy.
CBIA is Connecticut’s largest business organization, with thousands of member companies, small and large, representing a diverse range of industries from every part of the state. For more information, please email or call Meaghan MacDonald (860.244.1957).
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