Connecticut Budget Forecast Points to More Fiscal Stability

By Joe O’Leary

November 22 @ 9:00 am

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Connecticut’s latest consensus revenue report suggests the state will remain in a strong financial position in the coming years, bolstered by steady projected tax revenues and recent work to build confidence in the budget’s long-term outlook.

On Nov. 12, the Office of Policy and Management and the Office of Fiscal Analysis released the report, which indicates that state tax revenue is expected to total $21.09 billion in fiscal year 2025 before climbing more than $500 million to $23 billion in FY 2028.

Gov. Ned Lamont and Office of Policy and Management Secretary Jeffrey Beckham issued statements in response to the report, with both saying the figures were evidence that Connecticut’s economy was moving in the right direction.

“The work to make our state a more affordable and equitable place to live and work continues, and as we approach the next legislative session that will be a key focus of our efforts,” Lamont said, adding that he’s remaining mindful of kitchen table economics in Connecticut homes and wants to aid families throughout the state.

“Our revenues remain strong in virtually every area, reflecting that Connecticut’s economy is growing, thanks to low levels of unemployment and businesses moving and expanding across our state,” said Beckham. “The challenge we face is sustaining this momentum with significant national and global uncertainty.” Beckham added that the governor’s office was laser-focused on the needs of state families and businesses, looking to the future.

These steps promise to further strengthen Connecticut, which has in recent years raised the minimum wage, created a paid family and medical leave program, delivered tax cuts for hundreds of thousands of households, supported child tax cuts, developed a debt-free community college program and more – while contributing $8 billion toward paying down outstanding debt.

Connecticut Saves Businesses From Federal Unemployment Tax Increase

By Lawrence Cook

November 21 @ 9:00 am

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Connecticut businesses will avoid an increase in federal unemployment taxes next year thanks to the state’s decision to repay all 2024 borrowing under the Unemployment Trust fund ahead of a Nov. 10 deadline, Gov. Ned Lamont’s administration announced Tuesday.

The move is expected to save state businesses $215 million.

This is the second year in a row that Connecticut has set aside money in the state budget to make Trust Fund payments, and the fourth consecutive year that Connecticut businesses will not need to pay special assessment fees in order to cover interest on the loans.

In a press release, Lamont said that stabilizing the fund had been a priority for his administration and had helped to save Connecticut employers millions in federal unemployment taxes and assessments.

“Over the last several years and in partnership with the legislature, we’ve worked to build predictability into the system so employers know what’s ahead and can hire and grow,” Lamont said.

Working with the governor, the Connecticut General Assembly passed Public Act 21-200 in 2021 and Public Act 22-67 in 2022, both of which promote long-term Trust Fund solvency. In 2022 the legislature allocated $195 million that the state received from the federal American Rescue Plan Act and directed it into the Unemployment Trust Fund.

Unemployment benefits are administered by the state Department of Labor and are paid from the Unemployment Trust Fund, which is designed to be fully funded by employers. The state borrows money from the federal government to pay unemployment benefits if the trust fund becomes insolvent. This borrowing is typically repaid by employers through increased taxes or special assessments on the interest associated with the loan.

Labor Commissioner Danté Bartolomeo said that Connecticut had prioritized a strong and growing economy by reducing the financial burden on employers.

“Governor Lamont and the legislature established laws that are now paying off for employers and the people and companies who do business with them,” she said.

Connecticut Christmas Movie Trail Celebrates the Value Of Local Holiday Films

By Joe O’Leary

November 20 @ 9:00 am

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Just in time for the holiday season, the state Office of Tourism has released the first-ever Christmas Movie Trail, designed to draw holiday visitors to Connecticut to tour the places where their favorite comfort movies were filmed.

The trail, announced in a Tuesday press release from Gov. Ned Lamont’s administration, includes 22 stops across the state and features locations related to films released by companies including Netflix, Universal, Hallmark, Lifetime and BET.

The curated map serves as a celebration of Connecticut’s warm inns, idyllic winter landscapes and iconic beauty while drawing attention to the state’s film and media industry.

The trail covers locations across the state where films like “One Royal Holiday,” “Soul Santa” and “Holiday In Harlem” were filmed, sometimes with cities like Hartford filling in for other big cities like New York City. Each featured film, like “Ghosts of Christmas Always,” which filmed in Hartford locations including the Cornerstone deli on Main Street, has several recommended local landmarks for visitors to visit.

Visitors wanting to visit the locales of “Sugar Plum Twist,” a 2021 film shot in New London, East
Hampton and Haddam, among other locations, can visit Downtown New London, the Garde Arts Center and Norwich Town Hall. Meanwhile fans of “Next Stop, Christmas,” which was filmed in Essex, Old Saybrook and Deep River, can visit the Essex Steam Train or local restaurants while they travel the trail.

Some travelers may not know just how many holiday films were shot in Connecticut, either. Fans of Hallmark films may be interested to learn Melissa Joan Hart has shot several movies in Fairfield County, Middletown and Mystic, while names like Denise Richards, Kelsey Grammer, Chevy Chase and Christopher Lloyd have also joined the casts of local holiday movies in recent years.

The Christmas Movie Trail isn’t just a new style of tourism outreach, intended to support fans of any number of different holiday movies; it’s meant to highlight the many resources that make Connecticut great, including its small towns, inns and restaurants and unique attractions that come to life every winter.

The initiative is also drawing attention to Connecticut’s film industry, which has delivered more than $58 million to the state’s economy in recent years and spurred the creation of more than 2,000 jobs. Millions have been spent on lodging, foodservice and vehicle rentals through holiday filming, an important infusion of funds throughout the state supporting businesses from Fairfield to Windham Counties.

To read more about the Christmas Movie Trail, click here.