Connecticut Gov. M. Jodi Rell last week proposed a mix of cuts, fund transfers and deferred payments to close a $503.9 million current year budget deficit. The largest revenue measure proposed was the acceleration of a $219.2 million transfer from budget reserves that had been slated for fiscal 2011.
“The plan I am proposing not only eliminates the current deficit but makes much-needed structural reforms that will improve our prospects for long-term recovery,” Rell said in a statement. “If we do not act now, any short-term cuts we manage to make will be overwhelmed by the inexorable growth of state spending.”