OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 ↓ (860) 240-0200
AN ACT CONCERNING EXPENDITURES AND REVENUE FOR THE BIENNIUM ENDING JUNE 30, 2015.
LCO No.: 8599
House Calendar No.: 678
OFA Fiscal Note
The amendment increases funding for debt service by approximately $200 million in each year of the Biennium for a total of $400 million.
The amendment requires the Comptroller to implement a program for soliciting suggestions from state employees to improve the efficiency of state government and increases the statewide unallocated lapse savings target by $90 million.
The amendment limits the refill rate of vacant positions, which would result in significant state savings. It requires the Office of Policy and Management to recommend Personal Services reductions of $50.5 million in FY 14 and $162 million in FY 15, associated with adopting a 50% refill rate for certain vacancies.
Lastly, the amendment eliminates the Earned Income Tax Credit program, which would generate a savings of $104.5 million in FY 14 and $121.0 million in FY 15.
The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely for the purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either chamber thereof for any purpose. In general, fiscal impacts are based upon a variety of informational sources, including the analyst's professional knowledge. Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.