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CT SB00785
Bill
Status
Introduced
2/9/2017
Primary Sponsor
Martin Looney
Click for details
AI Summary
- Repeals and replaces Section 2-33a of the general statutes effective July 1, 2017, modifying the state expenditure cap calculation methodology
- Changes personal income growth calculation from average annual increase to compound annual growth rate over the preceding five calendar years using Bureau of Economic Analysis data
- Changes inflation measurement to use December over December consumer price index for all urban consumers (excluding food and energy) from Bureau of Labor Statistics instead of twelve-month period data
- Excludes from general budget expenditures the portion of actuarially determined employer contributions representing unfunded liability for teachers' retirement system and state employee retirement systems beginning fiscal year 2018
- Adds base year adjustment provision allowing funds to shift between appropriations, state bonding, revenue intercepts, and nonappropriated state funding sources without affecting expenditure cap calculations when funding the same program or purpose
Legislative Description
An Act Concerning The Expenditure Cap.
Last Action
Public Hearing 04/03
3/27/2017
Committee Referrals
Appropriations2/9/2017
Full Bill Text
No bill text available