CT Republicans Unveil Their Toll-Free Transportation Plan

HARTFORD, CT — Legislative Republicans have rolled on their alternative plan to tolls in Connecticut, which calls for shifting money out of the state’s rainy day fund.

State Senate Republican leader Len Fasano said one of the main aspects of the plan is to take $1.5 billion out of the $2.7 billion in the state’s rainy day fund and use it to pay off some of Connecticut’s pension obligations. That would free up money to spend on transportation infrastructure projects.

“We’ve taxed people to a point where we’ve got extra money,” he said. “This is the way you give it back to them...”

Fasano said money sitting in the state’s rainy day fund is earning about two percent interest. If it was invested in the state’s pension fund, it would get closer to a 6.9 percent return on investment. Republicans estimate that the rainy day fund would still maintain a healthy balance and would be around $2.5 billion in fiscal year 2024.

Legislative Republicans remain steadfast against any tolling in Connecticut.

Related: Lamont's Transportation Plan

Fasano compared the plan to taking extra cash out of a bank savings account and using it to pay down credit card debt that has a higher interest rate.

The plan like Lamont’s would rely on low-interest loan programs that would be backed by a stabilized Special Transportation Fund. It would also prioritize $100 million in bonding annually for transportation projects.

Legislators can vote to use any money in the rainy day fund that is over five percent of the state’s budget for specific purposes, including paying off unfunded liabilities.

Lamont said his CT 2030 plan is responsibly funded and financed with federal and out-of-state dollars.

“While I appreciate Senator Fasano’s proposal to partially fund much-needed infrastructure investments, taking money out of the Rainy Day Fund is a risky proposition that requires serious evaluation,” Lamont said.

Senate Democrats weren’t too thrilled with the tolls in Lamont’s plan. The governor met with the caucus earlier in the week and while his overall upgrade proposals were lauded, tolls seemed to become a sticking point.

"We need to find something that is broadly palatable in the General Assembly and also to the public," Senate President Martin Looney said.