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CT HB06805
Bill
Status
1/29/2025
Primary Sponsor
David DeFronzo
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AI Summary
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Reduces the Budget Reserve Fund (rainy day fund) cap from 18% to 15% of the state budget
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Creates a new Municipal Infrastructure Renovation Fund to receive amounts that would otherwise be deposited in the Budget Reserve Fund between the 15% and 18% thresholds
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Dedicates the new fund to municipal capital expenditures that require municipal contributions
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Allows fund usage for one-time non-recurring expenditures including additional pension payments, early retirement incentives, professional development opportunities, and technology improvements
Legislative Description
An Act Adjusting The Budget Reserve Fund Cap And Depositing Certain Amounts In A Municipal Infrastructure Renovation Fund Dedicated To Certain Purposes.
Last Action
Referred to Joint Committee on Finance, Revenue and Bonding
1/29/2025