My fellow residents, friends and neighbors,
First, thanks for allowing me the opportunity to govern this great state. It doesn’t matter to me for whom you voted in November. From the day I was elected, I began focusing on governing the best way I know how – transparently, openly, and in a way that encourages debate, dialogue and discussion on all sides of an issue. That’s why it’s important that you hear from me directly about my vision for Connecticut’s future and how it shapes the budget that I will be submitting to the legislature in just over a week.
I believe our state is poised for success, with new jobs on the rise, unemployment rates at historic lows, and the growth of established and emerging sectors from wind energy to biotechnology on the horizon. I also believe that delivering on those opportunities requires a sustained commitment to fiscal stability that will allow Connecticut to turn the page on what’s been holding it back and give you, your employers, and your local governments the confidence you need to thrive.
We are expected to end the fiscal year with a surplus. While that sounds like great news, I ask you to temper your enthusiasm for a few reasons.
· First, our economy has still not fully recovered from the Great Recession more than a decade ago, and we must be prepared for the possibility of another economic downturn.
· Second, we cannot allow the fact that we are expecting a surplus and the likelihood of a significant deposit to the Rainy Day Fund lull us into a false sense of security and sap the urgency we need to confront our fiscal crisis head-on. In fact, a significant portion of the anticipated surplus must, as required by the recently enacted volatility cap, be
deposited to the Rainy Day Fund and therefore cannot be used to address the budget gap. Although we could use that surplus to balance next year’s budget, our fixed costs – the true culprits behind our continued deficits – are growing by hundreds of millions of dollars per year. That growth eats into our ability to make much-needed investments in our future- things like a 21st century transportation system, education and workforce and economic development.
Continue reading Governor’s Open Letter To Citizens
