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Dear Neighbors,
In the past few weeks, I had the pleasure of moderating community conversations with our State Treasurer, Erick Russell, and with our State Comptroller, Sean Scanlon.
We discussed Connecticut's strong fiscal health, and notably that we’ve maintained a budget surplus for the last 7 years, paid down nearly $8 billion of pension debt, and nearly maxed out the budget reserve fund (also known as the rainy day fund), which now stands at over $5 billion. As a result, both the teachers’ and state employees’ pensions are over 50% funded. This is thanks to the fiscal guardrails, as well as responsible fiscal management of the state’s pension funds, which yielded strong returns of 12.8% in 2023 and 10.3% in 2024. Our bond ratings by the leading credit rating agencies have been upgraded as a result.
Both the Treasurer and Comptroller have prioritized prudent fiscal policy and ways to address the affordability crisis, while also expanding opportunities for families to build generational wealth. For example, in 2023 Treasurer Russell launched the CT Baby Bonds program, which automatically invests $3,200 into a trust for eligible newborns. Between the ages of 18-30, recipients can claim those funds to buy a home in Connecticut, start or invest in a Connecticut business, pay for higher education or job training, or save for retirement - all things which also help grow the state’s economy.
Similarly, in 2023, Comptroller Scanlon launched the ArrayRx prescription drug card, a program designed to help people save significantly on medications (for more information check out www.arrayrxcard.com). The Comptroller also oversees the My CT Savings program, a program that helps employers offer retirement benefits, and allows employees to save and plan for retirement.
Shifting the focus to our town finances, last month, I spoke at the Board of Estimate and Taxation’s (BET) public hearing on the Board of Education’s (BOE) budget. Joining hundreds of parents, our PTAs, and school principals, I urged the BET to support and approve the school operating budget.
Nevertheless, the BET Republicans voted to cut four million dollars from the BOE budget. These cuts will come at the expense of teachers’ jobs and educational programs. We want our town to have high quality schools for our children, but also to continue attracting families to Greenwich. It is vital to the future of our town.
In addition to cutting the school budget, the Republican majority on the BET also voted to cut:
- Funds to purchase electric leaf blowers;
- $200,000 for ADA accessibility on sidewalks in town;
- $500,000 for re-paving of town roads;
- $75,000 for the protection of Greenwich’s open space;
- $250,000 to protect Greenwich from the effects of coastal sea level rise.
These are all items that make our town more resilient to severe weather events that are the result of climate change, more accessible for families and people with disabilities, and attractive to small businesses. In my opinion, these cuts were poor choices.
My best regards,
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