Posted on April 20, 2018 by admin
HARTFORD – State Representative Mike Bocchino (R-150) stands with fellow House Republicans as they introduce their budget proposal for the 2019 fiscal year, which emphasizes stability and predictability.
The Republican proposal fully balances the fiscal year 2019 budget and erases the projected $321.5 million deficit. The plan would direct any revenue that exceeds the defined volatility cap toward the following three areas in equal thirds: (1) the state employee retirement fund, (2) the teacher’s retirement fund (with $8 million of that earmarked for the retired teachers health fund), and finally, (3) the rainy day fund. The proposal fully funds the Special Transportation Fund, restores funding for the Medicare Savings Program, and avoids the governor’s proposed cuts to education funding and municipal aid.
“This is a fiscally responsible budget that manages to put any revenue surplus towards our unfunded pension liabilities and the rainy day fund, rather than using it to increase overall state spending,” Rep. Bocchino said. “We must prioritize spending on transportation infrastructure, education cost sharing, municipal aid, and critical social service programs. State government cannot continue to live above its means, and this budget reflects that reality.”
The Appropriations Committee will hold a vote on the Republican budget proposal tonight. If it clears the committee, it would be sent to the chambers for a vote. The 2018 Session ends on May 9th, 2018 at midnight.