Holding the line on runaway spending, has kept the state budget in the black allowing us to save for future economic downturns. In 1995, the State of Connecticut made its first deposit into the Rainy Day Fund since 1987. Fiscal responsibility has also allowed us to cut taxes in each of the last five years. Consistency, on the part of state government, has sent a reassuring signal to businesses and individual taxpayers. An environment has been created that gives companies and individuals the confidence they need to invest, save, and spend their money wisely, absent the uncertainty that comes with constantly shifting government fiscal policies.
Personal income is on the rise all across the state.
Housing starts, exports and business start-ups are up too. A robust economy cannot be used as an excuse by government to spend beyond its means. As evidenced by this year's budget negotiations, the temptation to fritter away taxpayer money is great. That's why our biggest challenge over the next several years is keeping the state budget below the constitutional spending cap. My administration is committed to continue to look for new ways to reduce spending in state government.