Gov. Dannel Malloy

Gov. Dannel Malloy

Connecticut's governor ended the 2018 state budget crisis by signing it into law on Tuesday.

Gov. Dannel Malloy announced that he signed the Budget Adjustment Bill that was adopted by near-unanimous bipartisan votes in both the House of Representatives and Senate.

Malloy said the bill makes adjustments to the fiscal year 2019 budget as well as deficiency appropriations in the current fiscal year.

"I once again commend the legislature for this bipartisan effort and for accomplishing the adoption of the budget on time," Malloy wrote in a letter to lawmakers. "You have given our cities and towns, our non-profit providers and others who depend on state services an added degree of certainty and predictability as the new fiscal year approaches."

Malloy pointed out a number of budget revisions that he said builds on fiscal stabilization efforts.

He said there is the lowest average growth rate in the state budget's General Fund in several decades.

He also said two historic labor agreements are saving the state more than $42 billion over 20 years.

The executive branch of government is 13 percent smaller than it was 8 years ago.

Finally, the state's rainy day fund is set to reach more than $1 billion next year. Malloy said the savings account had been completely spent under the previous administration.

Malloy said he signed the bill with a warning of caution to lawmakers.

"Connecticut must focus on fiscal discipline and restraint today and in the years ahead," Malloy continued in his letter. "As such, it is important that we also note where the state must continue to make positive budgetary change if we intend to continue shoring up our budget reserves and preparing for whatever comes next."

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