Energy - July 14, 2017

Budget Woes

With a spending plan in place but no revenue package, State Treasurer Joe Torsella and Auditor General Eugene DePasquale sent a letter, warning of the dire situation. The letter projected that the state may carry “a negative general fund balance for eight months of the next year.” Torsella has also warned legislators that the state may run out of money to pay bills by the end of August without a revenue package to balance the budget. The state has been issued a warning from Standard and Poor’s about a possible credit downgrade; which would make it more difficult to borrow money to close the budget deficit. The deficit is projected to hit $3 billion by next July. The Senate is scheduled to return to session on Monday to continue work on the revenue package. 


Around Town

Labor and Industry Secretary Kathy Manderino is leaving her post. Manderino will be joining the Gaming Control Board. She will depart her current post on August 1. Robert O'Brien has been named acting secretary. He was the department's executive deputy secretary. Manderino previously served in the state House of Representatives.