CT HB05017

Repeals and replaces section 4-85 of the 2010 supplement to the general statutes to establish a tiered deficit reduction framework based on projected General Fund deficits.

Allows the Governor to modify allotment requisitions and appropriations when a deficit projection exceeds one percent of total General Fund appropriations, with reductions capped at three percent of any fund or five percent of any appropriation without legislative approval.

Creates higher reduction authority when deficit projections exceed three percent (allowing up to six percent of any fund or ten percent of any appropriation) and five percent (allowing up to ten percent of any fund or fifteen percent of any appropriation).

Requires the Governor to file a report with joint standing committees on appropriations and finance within thirty days of a deficit projection, including a plan to prevent the deficit.

Authorizes the Finance Advisory Committee to approve reductions exceeding the baseline caps, with modifications over five percent of total appropriations requiring General Assembly approval (deemed approved if legislature fails to act within thirty days under higher deficit thresholds).