An Act Concerning The Use Of Budget Reserve Funds And Unappropriated Surplus.
Impact
If enacted, HB 05906 would alter the existing statutes concerning the use of budget reserve and surplus funds. By requiring that these funds be utilized for paying the interest on state borrowing, the bill aims to mitigate the need for imposing special assessments on businesses. This change could lessen the financial burden placed on employers during times of economic downturn, particularly when unemployment claims surge, and funds need to be drawn upon from federal resources.
Summary
House Bill 05906 focuses on the management and application of funds within the state's Budget Reserve Fund and any unappropriated surplus. The primary purpose of the bill is to mandate that these funds be allocated specifically for covering the interest owed on money borrowed by the state from the federal government for unemployment compensation benefits. This approach seeks to address budgetary constraints and ensure financial stability in managing unemployment funds.
Contention
One of the notable points of contention surrounding HB 05906 is the potential impact on state revenue and business assessments. Proponents argue that by reallocating surplus funds, the bill allows the state to avoid further financial strain on businesses that may already be challenged by economic conditions. However, critics might express concerns that this focus on interest payments could detract from the overall allocation of surplus funds towards other essential programs and services. The balance between addressing immediate financial obligations and supporting broader state funding requirements remains a crucial area of discussion.
An Act Authorizing And Adjusting Bonds Of The State And Concerning Provisions Related To State And Municipal Tax Administration, General Government And School Building Projects.
An Act Concerning The Bonding Authority Of The Connecticut Municipal Redevelopment Authority, The Reporting Of Material Financial Obligations By State Agencies, Tax-exempt Proceeds Fund References And The Notification Of The Sale Or Lease Of Projects Financed With Bond Proceeds.
An Act Concerning Motor Vehicle Assessments For Property Taxation, Innovation Banks, The Interest On Certain Tax Underpayments, The Assessment On Insurers, School Building Projects, The South Central Connecticut Regional Water Authority Charter And Certain State Historic Preservation Officer Procedures.
An Act Concerning The Department Of Economic And Community Development's Recommendations For Revisions To The Jobsct Program And The Commerce And Related Statutes.