🔒Budget must be focus in short session Hartford must leverage corporate IQ

Myriad issues will be brought up for debate during this year's legislative session but the only one that truly matters is the budget.

While short legislative sessions in Connecticut are typically an off year for budget talks, the state's projected deficits for the current and future fiscal years make solving our fiscal uncertainty the top priority.

While some lawmakers may think passing new economic development initiatives in the wake of General Electric's departure should be the focus, the business community is really harkening for a plan that balances the budget long term without further tax increases.

Fiscal certainty would be the most powerful economic stimulus package for Connecticut's economy.

The state's nonpartisan Office of Fiscal Analysis put out a report last week projecting a $72.2 million deficit for the current fiscal year, despite lawmakers cutting $350 million from the budget during a special session in December. OFA also projects a $507 million deficit in fiscal 2016-17; deficits are projected to be in the billions thereafter.

Republicans and Democrats are currently trying to score political points by blaming each other for our fiscal woes. Such politicking will do nothing to solve our budget crisis.

Now more than ever, we need a legislature that can work together and incorporate ideas from both sides of the aisle to deliver to taxpayers a balanced budget that includes plans to pay long-term debts like pension costs. And it must happen this year. Lawmakers can't afford to leave a sense of uncertainty hanging over Connecticut's economy for another 12 months.

Investors are already on edge after Wall Street ratings agency Moody's last week issued a “credit negative” warning for Connecticut in the wake of GE's departure, citing the state's “budget deficits, low reserves, population loss,” and slow economic recovery as cause for concern. And, of course, there is the threat of more companies deciding to flee the state if they continue to lose faith in government's ability to do its job.

Attracting top talent

A key trait of any top executive is the ability to attract top talent. Mayor Luke Bronin is off to a good start in that regard.

Bronin recently named Bonnie Malley, an executive vice president and chief financial officer of The Phoenix Cos., as his chief operating officer. Malley, who was a Hartford Business Journal Women in Business awardee in 2013, has been a key figure trying to turnaround Phoenix Cos., which has struggled since the Great Recession and recently agreed to sell itself to Nassau Reinsurance Group L.P.

Her decision leave a job that paid her more than $1 million annually, to take a civil-servant role that will pay her much less, speaks volumes to the support and optimism Bronin has garnered from the business community, which is craving for competent leadership from city hall.

Thea Montañez, the former head of local grant making and sponsorship programs for The Hartford Financial Services Group Inc., is another corporate leader Bronin has tapped; she serves as his chief of staff.

Corporate support will be key to Hartford's revival. The more business leaders get involved in helping city hall grapple with the very difficult issues it faces — budget deficits, poverty, property taxes, education gap, etc. — the faster the Capital City will rebound.

The corporate community has been financially supportive of the city for decades, but the intellectual capital it harnesses to solve complex problems is an even more valuable asset.

Let's hope Bronin can leverage that to the fullest.

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