Connecticut Senate Bill SB00824

Connecticut 2023 Regular Session

• Introduced: 1/19/23
• Refer: 1/19/23

Caption

An Act Concerning Bond Authorizations For And Grants Under The Small Town Economic Assistance Program.

Impact

The bill is expected to have a significant impact on state laws regarding local funding and development initiatives. By raising the maximum amount of grants available to municipalities each fiscal year to $1 million, the legislation aims to empower small towns to undertake various projects that benefit their communities. This financial support can facilitate infrastructure improvements, local economic development, and enhance the overall quality of life in these areas. The changes brought by SB00824 reflect an ongoing commitment to support small-town revitalization and sustainability.

Summary

SB00824, known as An Act Concerning Bond Authorizations For And Grants Under The Small Town Economic Assistance Program, aims to enhance funding for municipalities by increasing the bond authorization for the Small Town Economic Assistance Program (STEAP). The bill proposes an increase of $30 million for the fiscal year ending June 30, 2024, followed by $4 million each of the subsequent five fiscal years. Additionally, it modifies grant requirements, allowing municipalities to access these funds without the need for matching funds, thereby potentially incentivizing more local projects.

Contention

There may be points of contention surrounding the adequacy of funding and whether these changes will sufficiently address the needs of small towns. Some advocates might argue that while the bill does increase available funds, it should also include more robust guidelines to ensure equitable distribution among municipalities. There could also be concerns regarding the long-term sustainability of the funding model instituted by the bill, particularly how it will affect future budgets and allocations under the state’s fiscal policies.