(HARTFORD, CT) – Governor Ned Lamont and Office of Policy and Management Secretary Jeffrey Beckham released the following statements in response to the April 2024 consensus revenue forecast, which was jointly issued today by the Office of Policy and Management and the Office of Fiscal Analysis:
Governor Lamont said, “Connecticut’s finances remain steady, strong, and in balance. While other states are cutting services and raising taxes, Connecticut is doing the opposite, which is what happens when we work together on a bipartisan basis to develop policies that benefit all of Connecticut. This consensus revenue forecast reinforces that we are on the right path and that the progress we have made should not be undone by reversing course from what has worked the past few years. The upcoming fiscal year 2025 budget retains the largest income tax cut in state history and an increase in the Earned Income Tax Credit – both delivering relief to the taxpayers who need it the most, our middle and working-class families. We continue to make historic levels of investment in early childhood, K-12, and higher education, helping our nonprofit providers, and building new housing. This is the future we are delivering to our children and grandchildren, and one in which we can all be proud.”
Secretary Beckham said, “Governor Lamont has stressed that our state budgets must remain honestly balanced and not increase taxes, but grow the number of taxpayers. This consensus revenue forecast reaffirms that his priorities are setting us on the right path for the future. We anticipate that the state’s fixed costs will continue to decrease in the out years, allowing for additional resources for essential state services, as well as increasing our Budget Reserve Fund to its maximum allowable of 18% – further insulating those services against future economic downturns.”