WFSB Channel 3Malloy to discuss Conn's long-term fiscal health

Malloy to discuss Conn's long-term fiscal health

Gov. Dannel P. Malloy is expected to unveil a proposal that his senior adviser says will stabilize the state of Connecticut's finances and save taxpayers money.

The Democratic governor has scheduled a news conference outside his state Capitol office on Monday afternoon. Malloy is expected to discuss the state's long-term financial health. No further details have been provided.

The scheduled news conference comes days after Moody's Investor Services downgraded the state's debt rating, saying that despite efforts by Malloy to enact reforms, Connecticut's financial challenges continue to stand out from those other states.

Moody's said its key concerns include the state's high retirement costs for state employees, large debt level and expensive borrowing costs, and the lack of a rainy day fund for fiscal emergencies.