CT SB00021

Repeals and replaces Section 2-33a of the general statutes, effective July 1, 2013, to redefine the state expenditure cap.

General Assembly cannot increase general budget expenditures by a percentage exceeding the greater of: (1) the average annual increase in personal income over the preceding five years, or (2) the increase in the consumer price index over the preceding twelve months.

Governor can declare an emergency or extraordinary circumstances to exceed the cap, requiring a three-fifths vote in both chambers of the General Assembly to approve additional expenditures.

Excludes from the expenditure cap: debt service, statutory municipal grants, required retirement system contributions, retiree health benefit costs, and federal mandate or court-ordered expenditures (in their first fiscal year only).

Introduces new exclusions for contributions to reduce unfunded liabilities in the State Employees Retirement System, Teachers' Retirement System, and Other Post Employment Benefits, plus deferred charges for specific implementations.