Why I voted ‘no’ to more state bonding

There is an adage about the thousands of proposed laws that surface every year in the state legislature: They are all important to someone.

The same can be said for all the capital projects that end up on our state bond commission agenda. Whether it is purchasing property for a new courthouse, saving farm land from development, creating parks, or putting an addition on a local library, one need not go far to find a strong support base for what are arguably laudable projects.

At the most recent bond commission meeting on Dec. 12, I voiced my concerns about the state’s continued level of borrowing that threatens our state’s short and long term fiscal health by voting against some of the items on the agenda.

Given our state’s projected budget deficits – we have about a $500 million shortfall in the current year and a nearly $6 billion budget hole for the upcoming two-year budget cycle – I believe we must make difficult but necessary decisions now. We must not continue to borrow and spend at a rate well above the state’s ability to pay. That is why I voted against some worthwhile projects on last week’s agenda.

Voting ‘no’ was not an easy decision to make. At the very least it would appear that my vote put me squarely at odds with our Governor. Gov. Rell has taken steps to rein-in spending where she can and has proposed a deficit mitigation plan that would have been more effective. Last month, the legislature met in special session and did not even provide the Governor with the tools necessary to do what we must – live within our means.

In the last five months, the economy in this country and perhaps even more so in this state has continued to slide. Almost every revenue projection is in deficit, with special funds such as transportation and unemployment compensation running “in the red.” For the first time in our memory, the state’s ability to sell bonds has not always been successful. These are indeed troublesome times.

I believe we must look at ALL our spending, borrowing, and revenue together in a way we have not done before. We must develop a responsible plan as the first order of business rather than a summer-long project. I remain hopeful that each of us in Hartford will work in a bi-partisan and expeditious way so that the future of this state will provide opportunity for us all.

Craig Miner (R-Litchfield) currently the ranking member of the Finance Committee, will be the ranking member of the Appropriations Committee for the 2009-10 legislative session.