Debt Limit Semi-Annual Reports

Under Section 3-21 of the Connecticut General Statutes, no bonds, notes or other indebtedness that would be payable from the General Fund may be issued or outstanding if the total amount of indebtedness exceeds 1.6 times the total estimated General Fund tax receipts for the current fiscal year (the statutory debt limit). This ratio of indebtedness to the statutory debt limit is referred to as the Debt Certification.  Should the ratio reach 90 percent, State Statutes require the Governor to review unissued bond authorizations and recommend that the Genera Assembly repeal authorizations in order to bring the ratio below 90 percent.

The Treasurer is required to prepare a Debt Certification each January 1 and July 1 (and other statutorily prescribed times) and report the results to the Governor and the General Assembly.