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(HARTFORD, CT) – Governor Dannel P. Malloy today announced that United States Department of the Treasury has approved all 72 opportunity zones nominated last month by his administration on behalf of the State of Connecticut. These nominations were made as part of the federal government’s recently established Opportunity Zone Program to induce long-term investments in low-income communities.
The nation has become giddy about the second longest bull market in history, extending now -- the turmoil of the past week notwithstanding -- some 95 months after the trough of the Great Recession. Though there may have been times over the last nine years or so when the economic future seemed to be in peril, right now most parts of the economy look reasonably strong.
But the good fortune is not shared by many city governments. Cities, which are arguably our great engines of economic growth (and the major contributor to the GDP), have been slow to see their general funds return to pre-recessionary levels. The fault lies not in their stars but in the structure of their tax systems.
Many folks dream of retiring early, but achieving that goal is easier said than done. While 50% of Americans would like to retire by age 60, only 33% expect to do so, according to a new surveyby TD Ameritrade.The reason is that most folks don't have enough savings to pull the trigger that young, and as such, they're likely to find that they end up working longer than desired.
They are "the gift that keeps on giving."
Pension income is recycled right back into the economy, so it is time to think of them the way Hallmark thinks of greeting cards.
A recent report by the Citizens Budget Commission focused on the city's liabilities, including pension liabilities. Pensions may carry debt, but they can also create revenue.
Last year, some $5.5 billion was paid to the 43% of our retired public servants receiving a pension and living here, according to the Independent Budget Office. These dollars were potentially recycled back into the economy. Approximately $1.6 billion were paid to these retirees and beneficiaries living in Queens; $1.4 billion in Brooklyn; $777 million in the Bronx; $760 million in Manhattan; and almost $1 billion in Staten Island.
S&P Global Ratings has reviewed the rating on the above-listed obligations. Based on ourreview, we have raised our credit rating from "CCC" to "BB" and removed the rating from CreditWatch. S&P Global Ratings views the outlook for this rating as stable. A copy of the rationale supporting the rating and outlook is enclosed.
pdf Hartford Stadium Authority, Connecticut, Revenue Bonds (21 KB)
pdf Hartford, Connecticut Hartford Stadium Authority; Appropriations (357 KB)