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TREASURER WOODEN RESPONDS TO CONNECTICUT’S NEW PROJECTED $1.48 BILLION SURPLUS FOR FISCAL YEAR 2022: SHARES OUTLOOK ON GLOBAL AND U.S. MARKET CLIMATE

Posted by Bud Mench Media Group -BMMG on February 4, 2022 at 3:00
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Hartford, CT – On February 1, 2022, Connecticut State Treasurer Shawn T. Wooden transmitted the Cash and Bonding Report for the month of December 2021 with updates as of January 29, 2022, to the Governor and General Assembly. The Report highlights Connecticut’s continued strong cash position during the pandemic. Additionally, the Treasurer shares his perspective on the capital markets and planned bond issuances for the remainder of the fiscal year.
 
Cash Position
 
As of January 29, 2022, the state’s overall available cash is at an all-time high at $12.3 billion, and the common cash pool is at $9.9 billion.
 
“Notwithstanding challenges from rising inflation costs across the nation and Connecticut moving past last month’s COVID-19 surge from the highly transmissible Omicron variant, Connecticut’s economic recovery and fiscal health continue to improve,” said State Treasurer Shawn T. Wooden. “The State’s overall available cash is at an historic high, $12.3 billion and the new projected surplus for fiscal year 2022 is now $1.48 billion, up $571.4 million from last month’s forecast. This gives us the potential to continue to responsibly pay down Connecticut’s pension liabilities at an accelerated rate for the third consecutive year.
During the course of December, the assets of the Short-Term Investment Fund increased from $12.2 billion to $14 billion, reflecting balance increases in state accounts as well as municipal accounts. Additionally, in December, the state’s Department of Labor reported that the unemployment rate dropped from 6% to 5.8% and that Connecticut employers added 600 jobs, displaying the underlying strength of our economic recovery.
Connecticut’s improved fiscal standing is bringing long-term benefits to the state’s finances but it’s clear that high inflation rates continue to impact thousands of Connecticut families. I am hopeful that state leaders, including the Legislature, put forth smart family-friendly economic policies this session to continue to help address an uneven economic recovery.”
The state’s common cash pool contains the operating cash in many funds and accounts. The cash is pooled in order to make the most effective and efficient use of aggregate balances and to allow positive balances in one fund to temporarily offset negative balances in other funds. Bank balances are consolidated daily. Funds that are not projected to be immediately needed to fund disbursements are collectively managed in various short-term investments or bank accounts that earn interest to successfully meet projected cash flows. No temporary transfers from bond proceeds investment accounts have been made since December 2017.
 
 
Capital Markets
 
Over the prior months, we’ve been focused on the Federal Reserve Bank’s decisions with respect to a potential shift in monetary policy. During the past month, the market has been trying to discern the path the Federal Reserve might take and what the resultant impact might be on the economy and the various asset classes. On January 26, 2022, the Federal Reserve announced its intentions at the end of their Federal Open Market Committee (“FOMC”) policy meeting. In the FOMC statement, they said “With inflation well above two percent and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the Federal Funds rate. The Committee decided to continue to reduce the monthly pace of its net asset purchases, bringing them to an end in early March.” Essentially, the Federal Reserve will finish pulling the quantitative easing lever by ending the purchase of securities for their balance sheet and beginning to pull the Federal Funds rate lever.
 
The market has, as previously noted, been adjusting expectations on the path of interest rates through interest rate futures and forward interest rate markets. Currently, the Federal Funds futures market is pricing in three increases in the Federal Funds rate by the end of Connecticut’s fiscal year and nearly five increases in this rate by the end of calendar year 2022. Similarly, Eurodollars (U.S. deposits at foreign banks, and a very liquid interest rate series) also forecast three rate increases during the remainder of the state’s fiscal year and nearly five increases for the calendar year. These forecasts have increased over the last month by one hike and three hikes over the fiscal and calendar year, respectively.
 
Inflation continues to be a cause for concern for the Federal Reserve as well as the capital markets. Inflation, as measured by the Consumer Price Index (“CPI”, year-over-year change) was reported at 7.0 percent in January, up from the prior month’s 6.8 percent. Excluding the volatile food and energy components, CPI was reported at 5.5 percent, up from the 4.9 percent reported a month earlier. Another gauge of prices, the Personal Consumption Expenditures (“PCE”, year-over-year change) was reported at 5.7 percent, up from the prior month’s revised 5.1 percent. 
 
As capital market participants have changed their assumptions on the path of interest rates, the various asset classes within the capital markets have begun to reflect these changes and the impact higher interest rates will have upon the various asset classes. During the month, the yield on the ten-year U.S. Treasury yield increased by nearly 26 basis points (0.26 percent), which contributed to the decline in the Bloomberg US Aggregate Bond Index of 2.13 percent. The market also revalued risk assets, causing equities to decline. U.S. equities, as measured by the Russell 3000 index, declined by 6.06 percent during the month and global equities, as measured by the MSCI All Country World Index, declined 6.93 percent during the month. 
 
 
Periodic returns of the various asset classes: 
  
Citation: Graphs and charts are attributable to Bloomberg News
Bond Issuance Schedule:
Treasurer Wooden plans to complete two bond transactions before the end of fiscal year 2022:
  •  The first bond transaction is scheduled for March of 2022 and is for up to $260 million of the University of Connecticut, General Obligation Debt Service Commitment Bonds. These bonds will fund capital improvements and are tentatively expected to be sold the week of March 28 and close in April 2022.
 
  • The second bond transaction is scheduled for May/June of 2022 and is for up to $800 million of General Obligation Bonds to be issued in series as taxable and tax-exempt bonds. These bonds will fund a variety of capital improvements and grant programs across the state. This bond issue was approved by the State Bond Commission during their meeting on December 21, 2021.
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About the Office of the State Treasurer Under the leadership of Connecticut’s State Treasurer Shawn T. Wooden, the Office of the Treasurer is dedicated to safeguarding taxpayers’ dollars and the state’s financial resources, while maximizing returns, minimizing risks, and operating at the highest professional and ethical standards. Through receiving, investing, and disbursing, the Office continues to enhance the state’s fiscal stability, financial literacy, college and disability savings, and its approach to leveraging business partnerships to combat social issues such as gun violence, climate change, and equal opportunities in economic growth. Learn more about the Office of the Treasurer here and follow along on Facebook, Instagram and Twitter.
Office of the Treasurer | 165 Capitol Avenue Hartford, CT, 06103
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Unapologetically Radical Conference with Keynote Speaker @tamikadmallory

Posted by Bud Mench Media Group -BMMG on February 3, 2022 at 3:24

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When the line up is hitting. It’s giving Arts & Culture. Be sure to tune in Saturday February 19th at 10am for our second annual Unapologetically Radical Conference with Keynote Speaker @tamikadmallory 11020672298?profile=original

This year there will be a shift and we will be sure to move culture in a way you’ve been needing to see. What makes you Unapologetically Radical? Register today at http://unapologeticallyradical.splashthat.com

#unapologetic #radical #culture #artsandculture #hiphop #newhaven #CT

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Storm up date Sunday morning 1/30/22

Posted by Bud Mench Media Group -BMMG on January 30, 2022 at 10:30

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City Hall with an update on the parking ban. Por favor espere para escuchar este mensaje en español.  

The citywide parking ban will be lifted at 12:00 PM (noon) today. If you’ve parking in a school lot please remove your car by 2 PM. If you’ve parked in a Yale lot please remove your car by 5 PM. We appreciate everyone’s patience and cooperation.

Please remember to clear your sidewalk – it’s the law. 

Thanks, and have a good day.

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Blizzard 22

Posted by Bud Mench Media Group -BMMG on January 28, 2022 at 16:00

11020669285?profile=originalCity Hall with a snowstorm update and an important announcement about a city-wide parking ban. Por favor espere para escuchar este mensaje en español.   

The City of New Haven is expected to be impacted by a major winter storm beginning late this evening and lasting through tomorrow. Current forecasts are for 12-16 inches of snow and wind gusts in excess of 50 MPH. Please do not leave your home during the storm unless absolutely necessary – these conditions are dangerous. 

Public Works crews will have 50 vehicles out clearing snow 24 hours a day. I know it can be frustrating if your road hasn’t been plowed. Please be patient – our team will be working as hard as we can to clear snow as quickly as possible.

Additionally, there will be a city-wide parking ban beginning at 10 PM tonight. That means downtown and along posted snow emergency routes there is no parking on either side of the street. Additionally, there is no parking allowed on the odd-numbered side of all other streets in the city. Don’t be the odd one out. Again, there is no parking on the odd side of the street. 

Transportation Traffic, and Parking will be ticketing and towing beginning at 10 PM tonight.

If you need somewhere to park there are options. (1) Many New Haven Public School lots will be available. If you park in Public School lots, please only park where snow-parking signs indicate. (2) The New Haven Parking Authority lots and garages will be open for $3 per day. (3) Yale is opening a number of lots throughout the city. You can find a list of lots on the city’s website: https://tinyurl.com/2p9bccwm.

Please take some commonsense steps to be sure that you’re ready for the storm. Charge your cell phone and have fresh flashlight batteries. Power outages are a real possibility.

Finally, please clear your sidewalk when the storm passes – this is required by law. The City will be doing enforcement.

Thank you for your patience and cooperation. Please be safe. 

 

Hola a todos, soy el alcalde Justin Elicker con una actualización sobre tormentas de nieve y un anuncio importante sobre la prohibición de estacionamiento en toda la ciudad.

Se espera que la ciudad de New Haven sea afectada por una gran tormenta de invierno que comenzará esta noche y durará hasta mañana. Los pronósticos actuales son de 12 a 16 pulgadas de nieve y ráfagas de viento de más de 50 MPH. No salga de su casa durante la tormenta a menos que sea absolutamente necesario; estas condiciones son peligrosas.

El personal de Obras Públicas tendrá 50 vehículos limpiando la nieve las 24 horas del día. Sé que puede ser frustrante si su camino no ha sido limpiado. Tenga paciencia: nuestro equipo trabajará tan duro como sea posible para limpiar la nieve lo más rápido posible.

Además, habrá una prohibición de estacionamiento en toda la ciudad a partir de las 10 de la tarde hoy. Eso significa que en el centro de la ciudad y a lo largo de las rutas de emergencia de nieve no se puede estacionar en ambos lados de la calle. Además, no se permite estacionar en el lado impar de todas las demás calles de la ciudad.

El departamento de Transporte, Tráfico y Estacionamiento pondrán multas y remolcarán a carros a partir de las 10 de esta noche. 

Si necesita un lugar para estacionar, hay opciones. (1) Muchos estacionamientos de las Escuelas Públicas de New Haven estarán disponibles. Si estaciona en lotes de escuelas públicas, solo estacione donde indiquen las señales de estacionamiento en tormentas de nieve. (2) Los lotes y garajes de la Autoridad de Estacionamiento de New Haven estarán abiertos por $3 por día. (3) Yale está abriendo varios lotes en toda la ciudad. Puede encontrar una lista de lotes en el sitio web de la ciudad: https://tinyurl.com/2p9bccwm

Tome algunas medidas de sentido común para asegurarse de que está preparado para la tormenta. Por ejemplo, cargue su teléfono celular y tenga baterías de linterna nuevas. Visto que los cortes de luz son una posibilidad real.

Finalmente, quite la nieve de su acera cuando pase la tormenta; esto es requerido por ley. La Ciudad hará cumplir la ley.

Gracias por su paciencia y cooperación. Por favor, tenga cuidado

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Education Secretary Witnesses Eastern Connecticut Career and Technical School Excellence

Posted by Bud Mench Media Group -BMMG on January 16, 2022 at 10:30

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 Sec. Cardona (left) and Rep. Courtney toured Thames River Magnet School along with Principal Jamie Giordano (right), Groton Public Schools Superintendent Susan Austin, and others.

I had the opportunity to host U.S. Secretary of Education Miguel Cardona—a former Connecticut educator—in Groton so he could see firsthand how our local schools are taking full advantage of federal support to create K-12 programs that are nationally recognized for connecting graduates to a growing eastern CT workforce. We started the morning at the Thames River Magnet School, which in 2021 was named a Blue Ribbon School by the U.S. Department of Education. We toured its new facility, and the Secretary was like a fish in water back in the classroom, bonding with the kids and staff. The STEM focus is marine sciences, and even the youngest students were glued to the classwork.

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Secretary Cardona and Rep. Courtney toured the manufacturing program at Grasso Technical High School. Read more here from the Norwich Bulletin.

In addition, Grasso Tech is the site for the "manufacturing pipeline" program that offers pre-apprenticeship training that today is recognized as a national model for successful job training. Electric Boat shipyard, and hundreds of other employers are snapping up pipeline graduates as fast as they come. The Secretary was impressed to see how Grasso Tech stays afternoons and evenings to train adults after the school population has left campus, and we both agreed that making school facilities available to job training will expand opportunities to fill job openings, and is a smart education and labor policy. At both schools, the U.S. Department of Education plays a major role in funding school budgets in communities like Groton. Federal support through Title One, special education funding, and Impact Aid for military host communities plays a big role in the student success we witnessed today. The American Rescue Plan has also come through with emergency funds for all school districts to help with COVID challenges.

I want thank all the students who welcomed us on today’s visit, as well as the teachers and staff who were in attendance safely keeping in-person education possible. Big thank you to Superintendents Susan Austin (Groton Public Schools) and Dr. Ellen Solek (CTEAC), Principals Jamie Giordano (Thames River Magnet School) and Patricia Feeney (Grasso Technical HS), and all their staff for hosting us today. My team and I are proud to support the great work of these outstanding educators.

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Barack and Michelle Obama joined forces and called on EVERY single one of us to fight back.

Posted by Bud Mench Media Group -BMMG on January 15, 2022 at 14:30

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"President Obama: "The future of our country is at stake." -- Michelle Obama: "We're working to change the future of this nation."" 

Protect our Democratic House Majority

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Protect our Democratic House Majority

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Connecticut coalition to end homeless weather alert

Posted by Bud Mench Media Group -BMMG on January 10, 2022 at 16:00
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Severe Cold Weather Alert
At the direction of Governor Ned Lamont, the Division of Emergency Management (DEMHS) within the Department of Emergency Services and Public Protection (DESPP), the Department of Housing (DOH), the Department of Mental Health and Addiction Services (DMHAS), and the Department of Social Services (DSS), United Way 2-1-1, the Connecticut Coalition to End Homelessness, and other partners are implementing the severe cold weather protocol to ensure everyone has adequate shelter during the upcoming severe cold weather.  
The reason for the activation is the arrival of intense arctic cold in Connecticut starting tonight resulting in temperatures in the single digits and wind chill factors below zero. 
The current protocol activation will be in effect from noon today, January 10, until noon Wednesday, January 12.  
Cities or towns opening warming centers or other facilities to help those in need should following appropriate COVID sheltering protocols. If your town opens a shelter or warming center, please indicate its status on the WebEOC Daily Operations incident, which will track open warming centers and overflow or temporary emergency shelters. If you receive a call from someone looking for shelter and you are not aware of any shelter space, please direct the person to 2-1-1. Working with local shelters, 2-1-1 will act as clearinghouse to ensure that shelter space is found for those that need it.  
If you have any questions about the policies for access to shelter in your area, please contact info@cceh.org. 
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Mr. Monday night's Rohn Lawrence service @ legendary Toads place 1/10/ 22

Posted by Bud Mench Media Group -BMMG on January 10, 2022 at 16:00

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So many people come out in the cold to pay their respects to a Music legend Rohn Lawrence ..11020672485?profile=original

NEWS 8 STORY.

Toad’s Place pays tribute to musician Rohn Lawrence

Lilly's Pad at toads Place Night Club Address 300 York ST New Haven, Connecticut

Phone 

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