In "Timpanelli Topics" last month was a plea to BRBC investors to urge members of the Connecticut State Legislature to reject the "tax and spend" budget that was recommended.
In the opinion of most within the statewide business community, this budget plan, if adopted, would significantly set back the State's economy and jobs growth.
Since then much has happened. First, thank you to those of you that took the time to write or call your legislators. The response was really terrific and not only from member companies of the BRBC but from businesses all over the state.
The resounding and collective voice of the business community in response to a budget plan that is bad for business, bad for jobs, and bad for Connecticut, its residents, its taxpayers, and its future is, in my memory, unprecedented.
It is clear that both the Governor and the Legislature have heard us. We may not, at least in this session, get a full roll-back of tax increases and we are not likely to achieve a significant cut in expenses - the two goals that need to be achieved. However, we are hopeful that we will begin to see some progress on a statewide effort to deal with the Legislature's "tax-and spend" mentality as a longer term structural issue that requires foundational change and re-thinking.
We are convinced that as a result of the business community's "dust-up" relative to this budget, that we have gained attention to the real problems that we face.
One of the approaches we are advocating is for the Governor and the Legislature to seriously look at the recommendations we've made as part of the analysis that was done of six areas of state expense by the Connecticut Institute for the 21st Century. These recommendations recognize as much as $1 billion in potential efficiencies that can be achieved in our State Government.
Hopefully, we will see a long-term, strategic and smart plan for how Connecticut can deliver State services more efficiently as well as deliver jobs and economic growth for all its communities and constituencies via less taxation of the large and small businesses responsible for jobs growth.
Take a look at the attached video of the recent news briefing with CBIA to discuss the impact of the FY 2016-17 State Budget - you'll see what I mean.
The BRBC was there representing and voicing a clear message from and for our member investors and for The Greater Bridgeport Region.
I welcome comments and questions on any and all of the above. Feel free to email me any time at email@example.com.
Paul S. Timpanelli
President and CEO
Bridgeport Regional Business Council