{"id":3239,"date":"2018-12-18T12:55:32","date_gmt":"2018-12-18T16:55:32","guid":{"rendered":"https:\/\/wp.cga.ct.gov\/lib\/?page_id=3239"},"modified":"2020-05-06T12:52:15","modified_gmt":"2020-05-06T16:52:15","slug":"2018-issues-conference-state-budget","status":"publish","type":"page","link":"https:\/\/wp.cga.ct.gov\/lib\/2018-issues-conference-state-budget\/","title":{"rendered":"2018 Issues Conference: state budget research guide"},"content":{"rendered":"<div class=\"row\">\n<div class=\"col-md-9\">\n<h1 class=\"comm-title\" style=\"margin-top: -20px; text-align: left;\"><span style=\"background: #005891; color: #ffce1c;\">\u00a02018 Issues Conference\u00a0<\/span><\/h1>\n<h1 class=\"comm-title\" style=\"margin-top: -20px; text-align: left;\">Budgeting in an Era of Fiscal Constraints<\/h1>\n<h1 class=\"comm-title\" style=\"margin-top: -20px; text-align: left;\"><em>research guide<br \/>\n<\/em><\/h1>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-md-3 pull-right\"><div class=\"menu-sidebarmenu-container\"><ul id=\"menu-sidebarmenu\" class=\"menu\"><li id=\"menu-item-19\" class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-home menu-item-19\"><a href=\"https:\/\/wp.cga.ct.gov\/lib\/\">Home<\/a><\/li>\n<li id=\"menu-item-170\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-170\"><a href=\"https:\/\/wp.cga.ct.gov\/lib\/research-guides\/\">Research Guides<\/a><\/li>\n<li id=\"menu-item-21\" class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-21\"><a href=\"https:\/\/wp.cga.ct.gov\/lib\/databases\">Databases<\/a><\/li>\n<li id=\"menu-item-22\" class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-22\"><a href=\"https:\/\/wp.cga.ct.gov\/lib\/periodicals\">Periodicals<\/a><\/li>\n<li id=\"menu-item-1159\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-1159\"><a href=\"https:\/\/wp.cga.ct.gov\/lib\/about-the-library\/\">About the Library<\/a><\/li>\n<\/ul><\/div><\/div>\n<div class=\"col-md-9 pull-left\">\n<div class=\"lib-list\">\n<div class=\"lib-content\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-3514 alignright\" src=\"https:\/\/wp.cga.ct.gov\/lib\/wp-content\/uploads\/2018\/12\/Budget1-1024x683.jpg\" alt=\"\" width=\"505\" height=\"336\" srcset=\"https:\/\/wp.cga.ct.gov\/lib\/wp-content\/uploads\/2018\/12\/Budget1-1024x683.jpg 1024w, https:\/\/wp.cga.ct.gov\/lib\/wp-content\/uploads\/2018\/12\/Budget1-300x200.jpg 300w, https:\/\/wp.cga.ct.gov\/lib\/wp-content\/uploads\/2018\/12\/Budget1-768x512.jpg 768w, https:\/\/wp.cga.ct.gov\/lib\/wp-content\/uploads\/2018\/12\/Budget1.jpg 1920w\" sizes=\"auto, (max-width: 505px) 100vw, 505px\" \/><br \/>\n<strong><a href=\"https:\/\/www.cga.ct.gov\/olr\/documents\/IssuesConf2018\/Budgeting%20in%20an%20Era%20of%20Fiscal%20Constraints.pdf\">Click here<\/a> to view the PowerPoint presentation.<\/strong><\/div>\n<p style=\"text-align: center;\"><strong><span style=\"background: #ffce1c; color: #000000;\">\u00a0General background resources\u00a0<\/span><\/strong><\/p>\n<div class=\"lib-content\">\n<p><strong><em>Recent OLR and OFA products<\/em><\/strong><\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/2018\/rpt\/pdf\/2018-r-0279.pdf\">Issue Brief: Connecticut\u2019s Bonding Process <\/a> (2018-R-0279)<\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/2018\/rpt\/pdf\/2018-R-0296.pdf\">Issue Brief: Connecticut\u2019s Volatility Cap<\/a> (2018-R-0296)<\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/2018\/rpt\/pdf\/2018-R-0314.pdf\">State and Local Budget Timing<\/a> (2018-R-0314)<\/p>\n<p class=\"lib-hanging\">OFA&#8217;s FY 19 &#8211; FY 22 Fiscal Accountability <a href=\"https:\/\/www.cga.ct.gov\/ofa\/Documents\/year\/FF\/2019FF-20181115_Fiscal%20Accountability%20Report%20FY%2019%20-%20FY%2022.pdf\">Report<\/a> (Nov. 15, 2018) and <a href=\"https:\/\/www.cga.ct.gov\/ofa\/Documents\/year\/FF\/2019FF-20181127_Fiscal%20Accountability%20Presentation%20FY%2019%20-%20FY%2022.pdf\">Presentation<\/a> (Nov. 27, 2018)<\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/2017\/rpt\/pdf\/2017-R-0132.pdf\">State Action in the Absence of a Budget Before the Beginning of a New Fiscal Year<\/a> (2017-R-0132)<\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/2017\/rpt\/pdf\/2017-R-0124.pdf\">History of State Action in the Absence of an Approved Budget<\/a> (2017-R-0124)<\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/2017\/ofarpt\/2017OFA-0299.pdf\">OFA presentation on the state budget process<\/a><\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/2010\/rpt\/2010-R-0131.htm\">Legislative and Gubernatorial Appropriations, Revenue, and Bonding Responsibilities<\/a> (2010-R-0131)<\/p>\n<p>&nbsp;<\/p>\n<p><strong><em>Constitution and statutes<\/em><\/strong><\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/search.cga.state.ct.us\/dlcons\/doc\/00i-03--0018---K.DOC\">Cod. Conn. Const. Art. III., Sec. 18<\/a>\u00a0(<em>link downloads a Word document<\/em>). Limit on state expenditures. Maximum authorized increase; &#8220;emergency or extraordinary circumstances&#8221;; definitions to be defined by general assembly. Surplus.<\/p>\n<p class=\"lib-hanging\">Sec. 3-20(aa) &#8211; added by <a href=\"https:\/\/www.cga.ct.gov\/2017\/ACT\/pa\/pdf\/2017PA-00002-R00SB-01502SS1-PA.pdf\">PA 17-2, June Special Session<\/a>, s. 706 and amended by\u00a0<a href=\"https:\/\/www.cga.ct.gov\/2018\/ACT\/pa\/pdf\/2018PA-00049-R00SB-00011-PA.pdf\">PA 18-49<\/a>\u00a0s. 8<span style=\"text-indent: -1.5em;\">\u00a0and\u00a0<\/span><a style=\"text-indent: -1.5em;\" href=\"https:\/\/www.cga.ct.gov\/2018\/ACT\/pa\/pdf\/2018PA-00081-R00SB-00543-PA.pdf\">PA 18-81<\/a><span style=\"text-indent: -1.5em;\"> s. 21<\/span><span style=\"text-indent: -1.5em;\">. The section of\u00a0<\/span><span style=\"text-indent: -1.5em;\">PA 17-2 required certain state bonds to include a pledge to bondholders that the state will comply with the Budget Reserve Fund (&#8220;Rainy Day Fund&#8221;) law, spending caps, and General Obligation and credit revenue bond caps, except under limited circumstances. The section of PA 18-49 involved the pass-through entity tax. The section of PA 18-81<\/span><span style=\"text-indent: -1.5em;\"> shortened the length of the bond covenant requirement.<\/span><\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/current\/pub\/chap_050.htm#sec_4-71\">Sec. 4-71<\/a>. Transmission to General Assembly of budget document in odd-numbered year and status report in even-numbered year. Report re three fiscal years immediately following biennium.<\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/current\/pub\/chap_050.htm#sec_4-71a\">Sec. 4-71a<\/a>. Estimates of recommended state grants-in-aid to towns under the budget document.<\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/current\/pub\/chap_050.htm#sec_4-72\">Sec. 4-72<\/a>. Governor&#8217;s budget message.<\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/current\/pub\/chap_050.htm#sec_4-75\">Sec. 4-75<\/a>. Publication of the budget document.<\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/current\/pub\/chap_050.htm#sec_4-76\">Sec. 4-76<\/a>. Governor to explain budget document and reports to legislative committees.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><em>CT Attorney General opinions<\/em><\/strong><\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/portal.ct.gov\/-\/media\/AG\/Opinions\/2017\/2017-08_fasano_opinion_response_gov_auth-pdf.pdf\">2017-08<\/a>\u00a0(Oct. 3, 2017): &#8220;You have asked for an opinion on the following questions about the Governor&#8217;s authority to direct the expenditure of funds by executive order in the absence of legislatively enacted appropriations &#8230;&#8221;<\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/portal.ct.gov\/AG\/Opinions\/2003-Formal-Opinions\/Senator-Sullivan-Senator-Looney-Representatives-Lyons-and-Amann-State-Capitol-2003012-Formal-Opinion\">2003-012<\/a> (July 16, 2003): &#8220;You have asked for a formal legal opinion concerning the General Assembly&#8217;s authority to enact a continuing resolution to appropriate funds for the operation of the state government in the absence of a state budget. As you note in your July 11, 2003 letter, the General Assembly passed two biennial budget bills earlier this year, both of which were vetoed by Governor Rowland. Given the lack of a budget for the new fiscal year beginning July 1, 2003, the General Assembly passed a two week continuing resolution or temporary appropriations measure on June 30, 2003 &#8230;&#8221;<\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/portal.ct.gov\/AG\/Opinions\/1993-Formal-Opinions\/Edward-C-Krawiecki-Jr-State-Representative-1993006-Formal-Opinion-Attorney-General-of-Connecticut\">1993-006<\/a> (April 14, 1993): &#8220;By letter dated January 11, 1993 you ask one question regarding the effect of Art. III, \u00a7 18(a), the balanced budget amendment, on deficiency legislation authorized by Conn.Gen.Stat. \u00a7 2-36. You also ask four questions on the relationship between the statutory and constitutional spending caps set forth in Public Act 91-3, \u00a7 30 and Article III, \u00a7 18 &#8230;&#8221;<\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/portal.ct.gov\/AG\/Opinions\/1991-Formal-Opinions\/Representative-Edward-C-Krawiecki-Jr-House-of-Representatives-1991033-Formal-Opinion-Attorney-Genera\">1991-033<\/a>\u00a0(Nov. 4, 1991): &#8220;This is in reply to your September 17, 1991 letter, renewing your earlier request for an opinion on August 9, 1991. In that letter, you asked &#8216;whether the Governor may act, through executive order, to appropriate and expend state monies by authorizing the continuation of government operations&#8217; &#8230;&#8221;<\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/portal.ct.gov\/AG\/Opinions\/1991-Formal-Opinions\/Hon-John-B-Larson-President-Pro-Tempore-Senate-1991019-Formal-Opinion-Attorney-General-of-Connecticu\">1991-019<\/a> (June 7, 1991): &#8220;You have asked our opinion concerning the State&#8217;s authority to continue payment for state services if a State budget is not enacted by June 14, 1991 &#8230;&#8221;<\/p>\n<p>&nbsp;<\/p>\n<p><b><i>Court opinion*<\/i><\/b><\/p>\n<p class=\"lib-hanging\">State v. Staub, 61 Conn 553 (1892) &#8211; this case dealt with the power and duties of the comptroller, especially in absence of a budget passed by the legislature.<\/p>\n<\/div>\n<p style=\"text-align: center;\"><strong><span style=\"background: #ffce1c; color: #000000;\">\u00a0Spending cap\u00a0<\/span><\/strong><\/p>\n<div class=\"lib-content\">\n<p><b><i>Constitution and statutes<\/i><\/b><\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/search.cga.state.ct.us\/dlcons\/doc\/00i-03--0018---K.DOC\">Cod. Conn. Const. Art. III., Sec. 18<\/a>\u00a0(<em>link downloads a Word document<\/em>). Limit on state expenditures. Maximum authorized increase; &#8220;emergency or extraordinary circumstances&#8221;; definitions to be defined by general assembly. Surplus.<\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/2018\/sup\/chap_016.htm#sec_2-33a\">Sec. 2-33a<\/a>.\u00a0Limitation on expenditures authorized by General Assembly. The text at this link reflects the amendments to the statute made by PA 17-2, June Special Session, s. 709, which modified\u00a0definitions used to calculate the state&#8217;s spending cap and required a base adjustment under certain circumstances.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><em>CT Attorney General opinions<\/em><\/strong><\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/portal.ct.gov\/-\/media\/AG\/Opinions\/2015\/2015-05_fasano_spending_caps-pdf.pdf\">2015-05<\/a> (Nov. 17, 2015): &#8220;You have asked for a formal legal opinion concerning the legal effect of the constitutional and statutory spending caps set forth, respectively, in the Connecticut constitution, article third, \u00a7 18, and Conn. Gen. Stat. \u00a7 2-33a &#8230;\u201d<\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/portal.ct.gov\/AG\/Opinions\/1993-Formal-Opinions\/Edward-C-Krawiecki-Jr-State-Representative-1993006-Formal-Opinion-Attorney-General-of-Connecticut\">1993-006<\/a> (April 14, 1993): &#8220;By letter dated January 11, 1993 you ask one question regarding the effect of Art. III, \u00a7 18(a), the balanced budget amendment, on deficiency legislation authorized by Conn.Gen.Stat. \u00a7 2-36. You also ask four questions on the relationship between the statutory and constitutional spending caps set forth in Public Act 91-3, \u00a7 30 and Article III, \u00a7 18 &#8230;&#8221;<\/p>\n<p>&nbsp;<\/p>\n<p><strong><em>Court opinion*<\/em><\/strong><\/p>\n<p class=\"lib-hanging\">Nielsen et al. v. State of Connecticut et al., 236 Conn 1 (1996): \u201cTaxpayers sought, inter alia, to compel the General Assembly to enact statutory definitions necessary to implement constitutional spending cap.\u201d<\/p>\n<\/div>\n<p style=\"text-align: center;\"><strong><span style=\"background: #ffce1c; color: #000000;\">\u00a0Volatility cap\u00a0<\/span><\/strong><\/p>\n<div class=\"lib-content\">\n<p class=\"lib-hanging\"><strong><em>Recent OLR products<\/em><\/strong><\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/2018\/rpt\/pdf\/2018-R-0296.pdf\">Issue Brief: Connecticut\u2019s Volatility Cap<\/a> (2018-R-0296)<\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/2016\/rpt\/pdf\/2016-R-0040.pdf\">Tax and Expenditure Limits and Revenue Volatility<\/a> (2016-R-0040)<\/p>\n<p>&nbsp;<\/p>\n<p class=\"lib-hanging\"><strong><em>Statutes<\/em><\/strong><\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/2018\/sup\/chap_016.htm#sec_2-35\">Sec. 2-35<\/a> &#8211;\u00a0The text at this link reflects the amendments to the statute made by PA 17-2, June Special Session, s. 707.<\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/2018\/sup\/chap_016.htm#sec_2-36c\">Sec. 2-36c(a)<\/a> &#8211;\u00a0The text at this link reflects the amendments to the statute made by PA 17-2, June Special Session, s. 708.<\/p>\n<p class=\"lib-hanging\">Sec. 4-30a\u00a0&#8211; amended by\u00a0<a href=\"https:\/\/www.cga.ct.gov\/2017\/ACT\/pa\/pdf\/2017PA-00002-R00SB-01502SS1-PA.pdf\">PA 17-2, June Special Session<\/a>, s. 704; subsection (a) was then amended by\u00a0<a href=\"https:\/\/www.cga.ct.gov\/2018\/ACT\/pa\/pdf\/2018PA-00049-R00SB-00011-PA.pdf\">PA 18-49<\/a>\u00a0s. 7 and\u00a0<a href=\"https:\/\/www.cga.ct.gov\/2018\/ACT\/pa\/pdf\/2018PA-00081-R00SB-00543-PA.pdf\">PA 18-81<\/a>\u00a0s. 20.\u00a0The section of PA 17-2 diverted specified income tax revenue exceeding a $3.15 billion threshold to the BRF, increased the BRF\u2019s maximum balance from 10% to 15% of net General Fund appropriations, and expanded its allowable uses.\u00a0<span style=\"text-indent: -1.5em;\">The section of PA 18-49 involved the pass-through entity tax. <\/span>The section of PA 18-81\u00a0required the volatility cap threshold to be adjusted annually for personal income growth and allowed the legislature to amend the threshold under certain circumstances by a supermajority vote.<\/p>\n<\/div>\n<p style=\"text-align: center;\"><strong><span style=\"background: #ffce1c; color: #000000;\">\u00a0Budget Reserve (&#8220;Rainy Day&#8221;) Fund\u00a0<\/span><\/strong><\/p>\n<div class=\"lib-content\">\n<p class=\"lib-hanging\"><strong><em>Recent OLR product<\/em><\/strong><\/p>\n<p><a href=\"https:\/\/www.cga.ct.gov\/2018\/rpt\/pdf\/2018-R-0296.pdf\">Issue Brief: Connecticut\u2019s Volatility Cap<\/a> (2018-R-0296)<\/p>\n<p>&nbsp;<\/p>\n<p><b><i>Constitution, statutes, and act<\/i><\/b><\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/search.cga.state.ct.us\/dlcons\/doc\/00i-03--0018---K.DOC\">Cod. Conn. Const. Art. III., Sec. 18<\/a>\u00a0(<em>link downloads a Word document<\/em>). Limit on state expenditures. Maximum authorized increase; &#8220;emergency or extraordinary circumstances&#8221;; definitions to be defined by general assembly. Surplus.<\/p>\n<p class=\"lib-hanging\">Sec. 4-30a\u00a0&#8211; amended by\u00a0<a href=\"https:\/\/www.cga.ct.gov\/2017\/ACT\/pa\/pdf\/2017PA-00002-R00SB-01502SS1-PA.pdf\">PA 17-2, June Special Session<\/a>, s. 704; subsection (a) was then amended by\u00a0<a href=\"https:\/\/www.cga.ct.gov\/2018\/ACT\/pa\/pdf\/2018PA-00049-R00SB-00011-PA.pdf\">PA 18-49<\/a>\u00a0s. 7 and\u00a0<a href=\"https:\/\/www.cga.ct.gov\/2018\/ACT\/pa\/pdf\/2018PA-00081-R00SB-00543-PA.pdf\">PA 18-81<\/a>\u00a0s. 20. The section of PA 17-2 diverted specified income tax revenue exceeding a $3.15 billion threshold to the BRF, increased the BRF\u2019s maximum balance from 10% to 15% of net General Fund appropriations, and expanded its allowable uses.\u00a0<span style=\"text-indent: -1.5em;\">The section of PA 18-49 involved the pass-through entity tax. <\/span>The section of PA 18-81\u00a0required the volatility cap threshold to be adjusted annually for personal income growth and allowed the legislature to amend the threshold under certain circumstances by a supermajority vote.<\/p>\n<p class=\"lib-hanging\">Sec. 3-20(aa) &#8211; added by <a href=\"https:\/\/www.cga.ct.gov\/2017\/ACT\/pa\/pdf\/2017PA-00002-R00SB-01502SS1-PA.pdf\">PA 17-2, June Special Session<\/a>, s. 706 and amended by\u00a0<a href=\"https:\/\/www.cga.ct.gov\/2018\/ACT\/pa\/pdf\/2018PA-00049-R00SB-00011-PA.pdf\">PA 18-49<\/a>\u00a0s. 8<span style=\"text-indent: -1.5em;\">\u00a0and\u00a0<\/span><a style=\"text-indent: -1.5em;\" href=\"https:\/\/www.cga.ct.gov\/2018\/ACT\/pa\/pdf\/2018PA-00081-R00SB-00543-PA.pdf\">PA 18-81<\/a><span style=\"text-indent: -1.5em;\"> s. 21<\/span><span style=\"text-indent: -1.5em;\">. The section of\u00a0<\/span><span style=\"text-indent: -1.5em;\">PA 17-2 required certain state bonds to include a pledge to bondholders that the state will comply with the Budget Reserve Fund (&#8220;Rainy Day Fund&#8221;) law, spending caps, and General Obligation and credit revenue bond caps, except under limited circumstances. The section of PA 18-49 involved the pass-through entity tax. The section of PA 18-81<\/span><span style=\"text-indent: -1.5em;\"> shortened the length of the bond covenant requirement.<\/span><\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/2018\/ACT\/pa\/pdf\/2018PA-00081-R00SB-00543-PA.pdf\">PA 18-81<\/a> s. 22 (special in nature; will not be codified in the statutes) &#8211;\u00a0required a portion of the income tax revenue diverted to the BRF in FY 18 to be used to pay certain liabilities.<\/p>\n<\/div>\n<p style=\"text-align: center;\"><strong><span style=\"background: #ffce1c; color: #000000;\">\u00a0Bond cap\u00a0<\/span><\/strong><\/p>\n<div class=\"lib-content\">\n<p class=\"lib-hanging\"><b><i>Recent OLR products<\/i><\/b><\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/2018\/rpt\/pdf\/2018-R-0279.pdf\">Issue Brief: Connecticut\u2019s Bonding Process<\/a> (2018-R-0279)<\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/2018\/rpt\/pdf\/2018-R-0296.pdf\">Issue Brief: Connecticut\u2019s Volatility Cap<\/a> (2018-R-0296)<\/p>\n<p>&nbsp;<\/p>\n<p><em><strong>Statutes<\/strong><\/em><\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/2018\/sup\/chap_032.htm#sec_3-20\">Sec. 3-20<\/a>. Short title: State General Obligation Bond Procedure Act. State Bond Commission. The text at the statute link reflects the amendments made by PA 17-2, June Special Session, <strong>but not the amendments made by the 2018 acts<\/strong>. Subsection (d) was amended by <a href=\"https:\/\/www.cga.ct.gov\/2017\/ACT\/pa\/pdf\/2017PA-00002-R00SB-01502SS1-PA.pdf\">PA 17-2, June Special Session<\/a>, s. 710, and then by <a href=\"https:\/\/www.cga.ct.gov\/2018\/ACT\/pa\/pdf\/2018PA-00178-R00HB-05590-PA.pdf\">PA 18-178<\/a> s. 42. Subsection (g)(1) was amended by PA 17-2, June Special Session, s. 711. Subsection (aa) was added by\u00a0PA 17-2, June Special Session, s. 706 and amended by\u00a0<a href=\"https:\/\/www.cga.ct.gov\/2018\/ACT\/pa\/pdf\/2018PA-00049-R00SB-00011-PA.pdf\">PA 18-49<\/a>\u00a0s. 8<span style=\"text-indent: -1.5em;\">\u00a0and\u00a0<\/span><a style=\"text-indent: -1.5em;\" href=\"https:\/\/www.cga.ct.gov\/2018\/ACT\/pa\/pdf\/2018PA-00081-R00SB-00543-PA.pdf\">PA 18-81<\/a><span style=\"text-indent: -1.5em;\">\u00a0s. 21<\/span><span style=\"text-indent: -1.5em;\">.<\/span><\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/2018\/sup\/chap_032.htm#sec_3-21\">Sec. 3-21<\/a>.\u00a0Bond limitation. Debt certification. Bond issuance limitation. Allotment limitation.\u00a0The text at the statute link reflects the amendments made by PA 17-2, June Special Session, <strong>but not the amendments made by PA 18-178<\/strong>. This statute was amended by <a href=\"https:\/\/www.cga.ct.gov\/2017\/ACT\/pa\/pdf\/2017PA-00002-R00SB-01502SS1-PA.pdf\">PA 17-2, June Special Session<\/a>, s. 712. Subsection (a) was amended by PA 17-2, June Special Session, s. 716, and then by <a href=\"https:\/\/www.cga.ct.gov\/2018\/ACT\/pa\/pdf\/2018PA-00178-R00HB-05590-PA.pdf\">PA 18-178<\/a>\u00a0s. 43. Subsection (f) was amended by PA 18-178 s. 16.<\/p>\n<p>&nbsp;<\/p>\n<p><em><strong>CT Attorney General opinions<\/strong><\/em><\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/portal.ct.gov\/-\/media\/AG\/Opinions\/2018\/2018-04_Bond_Covenant.pdf\">2018-04<\/a> (Nov. 21, 2018):\u00a0State Treasurer Denise L. Nappier asked for a formal opinion concerning the impact of recent legislative amendments on the state\u2019s bond cap and bond covenants.<\/p>\n<\/div>\n<p style=\"text-align: center;\"><strong><span style=\"background: #ffce1c; color: #000000;\">\u00a0State boards, commissions, and task forces\u00a0<\/span><\/strong><\/p>\n<div class=\"lib-content\">\n<p class=\"lib-hanging\">Commission on Economic Competitiveness (<a href=\"https:\/\/www.cga.ct.gov\/2018\/sup\/chap_023g.htm#sec_2-124\">CGS 2-124<\/a>)<\/p>\n<p class=\"lib-hanging\"><a href=\"https:\/\/www.cga.ct.gov\/fin\/taskforce.asp?TF=20180710_Pension%20Sustainability%20Commission\">Pension Sustainability Commission<\/a> (created by <a href=\"https:\/\/www.cga.ct.gov\/2017\/ACT\/pa\/pdf\/2017PA-00002-R00SB-01502SS1-PA.pdf\">PA 17-2, June Special Session<\/a>, s. 180;\u00a0<em>see pages 229-231<\/em>)<\/p>\n<p class=\"lib-hanging\">Commission on Fiscal Stability and Economic Growth (created by\u00a0<a href=\"https:\/\/www.cga.ct.gov\/2017\/ACT\/pa\/pdf\/2017PA-00002-R00SB-01502SS1-PA.pdf\">PA 17-2, June Special Session<\/a>, s. 250;\u00a0<em>see pages 326-329<\/em>)<\/p>\n<p class=\"lib-hanging\">Panel to Study and Make Recommendations Regarding the Proposals Made by the Commission on Fiscal Stability and Economic Growth Concerning the Rebalancing of State Taxes to Stimulate Economic Growth (created by\u00a0<a href=\"https:\/\/www.cga.ct.gov\/2018\/ACT\/pa\/pdf\/2018PA-00081-R00SB-00543-PA.pdf\">PA 18-81<\/a> s. 56; <em>see pages 58-60<\/em>)<\/p>\n<p class=\"lib-hanging\">Panel to Conduct a Study of the Commission on Fiscal Stability and Economic Growth\u2019s Proposal Regarding Teachers&#8217; Retirement System Reform (created by\u00a0<a href=\"https:\/\/www.cga.ct.gov\/2018\/ACT\/pa\/pdf\/2018PA-00081-R00SB-00543-PA.pdf\">PA 18-81<\/a> s. 58; <em>see pages 61-62<\/em>)<\/p>\n<\/div>\n<p style=\"text-align: center;\"><strong><span style=\"background: #ffce1c; color: #000000;\">\u00a0Online resources\u00a0<\/span><\/strong><\/p>\n<div class=\"lib-content\">\n<p><b><i>State agencies<\/i><br \/>\n<\/b><a href=\"https:\/\/www.cga.ct.gov\/ofa\/default.asp\">Office of Fiscal Analysis<\/a> (OFA)<\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.cga.ct.gov\/ofa\/add-bb.asp\">OFA Budget Books<\/a> <em>(an analysis of each budget as passed by the General Assembly)<\/em><\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.cga.ct.gov\/ofa\/Documents\/year\/TER\/2018TER-20180201_Tax%20Expenditure%20Report%20FY%2018.pdf\">Tax Expenditure Report<\/a> (February 2018)<\/p>\n<p><a href=\"https:\/\/www.ct.gov\/opm\/site\/default.asp\">Office of Policy and Management<\/a> (OPM)<\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.ct.gov\/opm\/cwp\/view.asp?a=3011&amp;Q=382930&amp;opmNav_GID=1793\">Governor&#8217;s budget proposals and related documents<\/a> <em>(each budget proposal is typically accompanied by the Governor\u2019s Economic Report and the Three Year Budget)<\/em><\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.ct.gov\/opm\/cwp\/view.asp?a=3011&amp;Q=599720&amp;PM=1\">2018 agency budget adjustments and legislative proposals<\/a><\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.ct.gov\/opm\/cwp\/view.asp?a=2965&amp;Q=459726&amp;PM=1\">Consensus revenue estimates<\/a><\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.ct.gov\/opm\/cwp\/view.asp?a=2965&amp;q=382954\">Finance Advisory Committee<\/a><\/p>\n<p><a href=\"https:\/\/www.osc.ct.gov\/\">State Comptroller<\/a><\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Monthly <a href=\"https:\/\/www.osc.ct.gov\/news.htm\">financial statements<\/a>\u00a0<em>(press releases)<\/em><\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Monthly <a href=\"https:\/\/www.osc.ct.gov\/reports\/index.html\">General Fund and Transportation Fund financial statements<\/a> <em>(monthly letter to the governor)<\/em><\/p>\n<p><a href=\"https:\/\/www.ott.ct.gov\/\">State Treasurer<\/a><\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.ott.ct.gov\/news_publications_annualreports.html\">Annual reports<\/a><\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.ott.ct.gov\/debt_cashanddebt_monthlyreport.html\">Cash and debt monthly reports<\/a><\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.ott.ct.gov\/debt_debtlimitreports.html\">Debt limit reports<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><strong><em>NCSL and other organizations<\/em><\/strong><\/p>\n<p><a href=\"http:\/\/www.ncsl.org\/\">National Conference of State Legislatures<\/a>\u00a0(NCSL)<\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"http:\/\/www.ncsl.org\/research\/fiscal-policy.aspx\">Fiscal policy<\/a><\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"http:\/\/www.ncsl.org\/research\/fiscal-policy\/state-budget-conditions.aspx\">State budget conditions<\/a><\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"http:\/\/www.ncsl.org\/research\/fiscal-policy\/state-budget-procedures.aspx\">State budget procedures<\/a><\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"http:\/\/www.ncsl.org\/research\/fiscal-policy\/state-revenues-and-tax-policy.aspx\">State revenues and tax policy<\/a><\/p>\n<p><a href=\"https:\/\/www.nasbo.org\/home\">National Association of State Budget Officers<\/a> (NASBO)<\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.nasbo.org\/resources\/budget-basics-videos\">Budget basics videos<\/a><\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/higherlogicdownload.s3.amazonaws.com\/NASBO\/9d2d2db1-c943-4f1b-b750-0fca152d64c2\/UploadedImages\/Fiscal%20Survey\/NASBO_Spring_2018_Fiscal_Survey_of_States-S.pdf\">The Fiscal Survey of States<\/a> (Spring 2018)<\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"http:\/\/budgetblog.nasbo.org\/budgetblogs\/blogs\/brian-sigritz\/2018\/07\/30\/states-target-surpluses-to-rainy-day-funds-other-p\">States Target Surpluses to Rainy Day Funds<\/a> (July 30, 2018)<\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/higherlogicdownload.s3.amazonaws.com\/NASBO\/9d2d2db1-c943-4f1b-b750-0fca152d64c2\/UploadedImages\/SER%20Archive\/State_Expenditure_Report__Fiscal_2015-2017_-S.pdf\">State Expenditure Report: Examining Fiscal 2015-2017 State Spending<\/a> (2017)<\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/higherlogicdownload.s3.amazonaws.com\/NASBO\/9d2d2db1-c943-4f1b-b750-0fca152d64c2\/UploadedImages\/Reports\/Gubernatorial_Transitions_2018.pdf\">Gubernatorial Transitions and the State Budget<\/a> (ca. 2017)<\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/higherlogicdownload.s3.amazonaws.com\/NASBO\/9d2d2db1-c943-4f1b-b750-0fca152d64c2\/UploadedImages\/Budget%20Processess\/2015_Budget_Processes_-_S.pdf\">Budget Processes in the States<\/a> (Spring 2015)<\/p>\n<p><a href=\"https:\/\/www.pewtrusts.org\/en\/projects\/states-fiscal-health\">The Pew Charitable Trusts: States\u2019 Fiscal Health Project<\/a><\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.pewtrusts.org\/en\/research-and-analysis\/articles\/2018\/10\/04\/when-have-states-saved-enough-for-a-rainy-day\">When Have States Saved Enough for a Rainy Day?<\/a> (Oct. 4, 2018)<\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.pewtrusts.org\/en\/research-and-analysis\/data-visualizations\/2018\/where-states-get-their-money\">Where States Get Their Money, FY 2016<\/a> (July 24, 2018)<\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.pewtrusts.org\/en\/research-and-analysis\/data-visualizations\/2018\/how-states-raise-their-tax-dollars\">How States Raise Their Tax Dollars, FY 2017<\/a> (July 24, 2018)<\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.pewtrusts.org\/en\/research-and-analysis\/articles\/2017\/06\/rainy-day-funds-best-practices-to-mitigate-revenue-volatility\">Rainy Day Funds: Best Practices to Mitigate Revenue Volatility<\/a> (June 7, 2017)<\/p>\n<p class=\"lib-hanging\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.pewtrusts.org\/en\/research-and-analysis\/data-visualizations\/2014\/fiscal-50#ind0\">Fiscal 50: State Trends and Analysis<\/a>\u00a0(Nov. 19, 2018)<\/p>\n<\/div>\n<p style=\"text-align: center;\"><strong><span style=\"background: #ffce1c; color: #000000;\">\u00a0Legislative Library-compiled resources*\u00a0<\/span><\/strong><\/p>\n<div class=\"lib-content\">\n<p class=\"lib-hanging\">Budget adoption and budget revision acts 1971-2018<\/p>\n<p class=\"lib-hanging\">Budget documents timelines for 1991, 2003, 2009, and 2017<\/p>\n<\/div>\n<p style=\"text-align: center;\"><strong><span style=\"background: #ffce1c; color: #000000;\">\u00a0Periodicals and databases available to OLR and library staff*\u00a0<\/span><\/strong><\/p>\n<div class=\"lib-content\">\n<p>The Legislative Library subscribes to <em>State Tax Notes<\/em> and to the databases of CCH Intelliconnect and Westlaw.<\/p>\n<p class=\"lib-hanging\"><strong><em>*These sources are <\/em><\/strong><strong><em>accessible by contacting the Legislative Library.<\/em><\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"row\">\n<style>\n\/*By including this style, research guides in menu will be yellow*\/<br \/>.menu-item-170 > a {<br \/>color: #ffce1c;<br \/>}<br \/><\/style>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a02018 Issues Conference\u00a0 Budgeting in an Era of Fiscal Constraints research guide Click here to view the PowerPoint presentation. \u00a0General background resources\u00a0 Recent OLR and OFA products Issue Brief: Connecticut\u2019s Bonding Process (2018-R-0279) Issue Brief: Connecticut\u2019s Volatility Cap (2018-R-0296) State and Local Budget Timing (2018-R-0314) OFA&#8217;s FY 19 &#8211; FY 22 Fiscal Accountability Report (Nov. [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-fullwidth.php","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"class_list":["post-3239","page","type-page","status-publish","hentry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/wp.cga.ct.gov\/lib\/wp-json\/wp\/v2\/pages\/3239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wp.cga.ct.gov\/lib\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/wp.cga.ct.gov\/lib\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/wp.cga.ct.gov\/lib\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.cga.ct.gov\/lib\/wp-json\/wp\/v2\/comments?post=3239"}],"version-history":[{"count":102,"href":"https:\/\/wp.cga.ct.gov\/lib\/wp-json\/wp\/v2\/pages\/3239\/revisions"}],"predecessor-version":[{"id":4641,"href":"https:\/\/wp.cga.ct.gov\/lib\/wp-json\/wp\/v2\/pages\/3239\/revisions\/4641"}],"wp:attachment":[{"href":"https:\/\/wp.cga.ct.gov\/lib\/wp-json\/wp\/v2\/media?parent=3239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}