The newest member of the Connecticut Bond Commission, state Sen. Scott Frantz, R-Greenwich, wasted no time at his first meeting on the panel questioning Gov. Dannel Malloy about long-term debt.
Malloy told Frantz that Connecticut’s capital budget may rise by $1.8 billion this year. About $2.2 billion in the state’s current $20 billion budget goes toward debt service.
Frantz, the ranking Republican on the tax-writing legislative Finance, Revenue and Bonding Committee and a private-equity investor, fears high taxes and high debt will force businesses out of state.
He cited the move from hedge-fund hotbed Greenwich in June to Florida by Edward Lampert’s ESL Investments. Lampert took over as Sears chief executive last month.
“Business people in Connecticut are more and more worried about holding the bag. These people are acutely aware of the state’s problems, and they see New York City and elsewhere as more attractive places to do business,” Frantz said in an interview.
Malloy and others, including Office of Policy and Management Secretary Benjamin Barnes, Treasurer Denise Nappier and Comptroller Kevin Lembo serve on the Bond Commission.