We should know by the end of the week if the rank and file state employees will go along with their leaders and approve what is called a $1.6 billion concessions plan. We should also know how the Malloy administration and labor got to that number. The $1.6 billion and $400 million in “additional cuts and current revenue” would balance the approved state budget.
The Shad, like everyone else, is very curious to see how they achieved those savings with no layoffs, no furlough days and raises totaling nine percent over the last three years of the deal. The agreement also ensures no layoffs for the next four years. The savings, we’re told, come through changes in pensions, health care and retirement age.
Not to seem too pessimistic, but in conversations with financial experts over the weekend (including with non-partisan people who have put together state budgets for all different scenarios in years past), The Shad hears there is some serious doubt that two sides could get to that number honestly—with no smoke and mirrors or budget gimmicks).
It all remains to be seen.