Northeast

Connecticut plans to use a budget surplus to reduce a planned deficit borrowing by about a third, Gov. M. Jodi Rell announced Friday.

The Delaware River Port Authority on Thursday announced a hiring freeze and said it will cut next year’s budget by 2%, or $2.6 million, to reduce the bi-state agency’s spending.

The fate of a New York law that would impose taxes on certain tobacco sales on Indian reservations won’t impact tax-exempt bonds issued to finance Seneca Nation projects, a Standard & Poor’s analyst said.

The New Jersey Transportation Trust Fund Authority on Thursday approved a $1.4 billion new-money and refinancing deal that will most likely include taxable Build America Bonds.

New York state and local government employers will have to increase average pension contributions to 16.3% of salaries from 11.9%, Comptroller Thomas DiNapoli announced Thursday. He also lowered the assumed rate of return on pension fund investments to 7.5% from 8%.

Dauphin County Wednesday authorized TD Bank to pursue legal action against Harrisburg, as Pennsylvania’s capital city said it will not meet payments due Dec. 15 on $35 million of incinerator bonds.

New York’s Metropolitan Transportation Authority has delayed for a month oral presentations in the selection of underwriters and swap counterparties, the agency confirmed Wednesday.

Rhode Island Gov. Donald Carcieri on Tuesday blasted the state treasurer for attempting to halt a $75 million taxable bond deal.

Both Democratic and Republican lawmakers in Pennsylvania agree that the state needs a long-term transportation funding strategy, but have yet to find consensus on how the state should pay for roads, bridges, and public transit.

Rebecca Rhynhart will leave her current position as Philadelphia’s treasurer and replace former budget director Stephen Agostini beginning Nov. 1.