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Treasurer Shares Economic Outlook Following Credit Rating Upgrade


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May 6, 2021
Connecticut State Treasurer Shawn T. Wooden transmitted the monthly Cash and Bonding Report for the month of March 2021 with updates as of May 1st to the Governor and General Assembly. The Report highlights Connecticut s continued strong cash position during the pandemic and summarizes planned bond issuances for the remainder of Fiscal Year 2021. Additionally, the Treasurer shares his perspective on the capital markets.
Cash Position
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As of May 1, 2021, the State s overall available cash is $6.3 billion with the common cash pool at $5.6 billion.
As a result of Connecticut s recent credit rating upgrade on March 31, the first in over 20 years, our bonds are generating greater demand, allowing CT to borrow at even more attractive interest rates, said State Treasurer Shawn Wooden. On April 23, the State s $1 billion of Special Tax Obligation (STO), Transportation Infrastructure bond sale achieved an all-time record low borrowing ....

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The Day - More Connecticut taxes, on top of Biden tax agenda, a big mistake - News from southeastern Connecticut


Published April 28. 2021 4:28PM 
Red Jahncke
The Biden administration is on a massive spending spree. Connecticut progressives want to follow suit. Last week, Biden released a “trial balloon” proposing how to pay for his spree. Unsurprisingly, the idea is massive tax increases for corporations and upper income individuals, including a near doubling of the top capital gains tax rate from 23.8% to 43.8%.
Connecticut’s progressives have proposed more than a billion dollars of new spending, primarily on vague social justice goals (“building wealth in underserved communities” and “reducing income inequality”), all to be funded by new taxes imposed exclusively upon upper income taxpayers, including a capital gains tax surcharge. A largely unaccountable new off-budget vehicle, the Connecticut Equitable Investment Fund, is to carry out the new spending and collect the new taxes, which, therefore, are to be exempt from budget restraints meant to prevent unafforda ....

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Treasurer Wooden Announces $200M In Commitments


UpdatedMon, Apr 19, 2021 at 8:04 am ET
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April 19, 2021
At last week s Investment Advisory Council (IAC) meeting, Connecticut State Treasurer Shawn T. Wooden announced his decision to commit $100 million to the BlackRock Global Renewable Power Fund III, a renewable power generation infrastructure asset and $50 million to Rubicon First Ascent, L.P., a value add real estate asset. Treasurer Wooden also announced his decision to commit $38 million to Icon Partners II, L.P., and $11.5 million to Icon Partners III, L.P., both of which are fund extension opportunities within the CRPTF s private equity allocation.
Connecticut s first credit rating upgrade in over 20 years, historic high Budget Reserve Fund, and strong cash position continues to put the State on a stronger financial footing, said State Treasurer Shawn Wooden. Due to our continued focus on fiscal sustainability and prudent decision making, the CRPTF has been able to focus on committing capital to th ....

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