O’Dea, House and Senate Republicans Unveil 2019 Budget Proposal
HARTFORD – State Representative Tom O’Dea (R-New Canaan, Wilton), Deputy House Republican Leader-at-Large, joined fellow House and Senate Republicans in releasing their 2019 budget proposal during a press conference at the Capitol on April 20th, 2018. The plan emphasizes stability and predictability following years of perpetual deficits.
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.
“Our unfunded pension liabilities have a rippling effect on the state’s economy, but this budget proposal gives us an opportunity to address that problem,” Rep. O’Dea said. “Rather than increasing state spending, our plan would put any surplus revenue towards those liabilities and the rainy day fund. Additionally, it secures municipal and educational aid for towns like Wilton and New Canaan, and balances the state budget in a way that is practical, sustainable, and predictable. Connecticut has a long road to recovery, and this budget reflects that reality, but it also gives us the structure we need to achieve that goal.”
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.