FROM THE NEWSROOM: HARTFORD, Conn. (AP) — A ratings agency has maintained Connecticuts bond rating as negative, saying the states budget relied on one-time fixes and the states economic recovery is inadequate. The analysis by Fitch Ratings released Tuesday said Connecticuts key finance sector continues to weaken and the states economic recovery from the recession has been slow and uneven. Fitch said budget adjustments approved by the General Assembly relied on one-time items such as shifting $221 million from last years surplus into the budget that took effect July 1 and shifting money between the transportation and general funds. The ratings agency also called Connecticuts personal income tax collections volatile, making revenue forecasts difficult. A spokesman for the state Office of Policy and Management, the Malloy administrations budgeting agency, did not immediately comment.
Posted on: Wed, 30 Jul 2014 19:27:46 +0000
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