University of Connecticut General Obligation Bonds 2023 Series A and Refunding Series A
State of Connecticut's Debt Service Commitment
(General Fund)
Key Credit Strengths
Strong Financial
Performance
Debt Limitation
Balanced Budget
Requirement
UCONN
STATE OF CONNECTICUT
BUSTINET
LOUI
TRANSTULIT
TREASURER'S OFFICE
■ The State has experienced significant increases in the General Fund, with operating surpluses realized
every year since FY 2019
■ The State has consistently met its required actuarially determined employer contributions over the last
five years and made an additional $4 billion combined contribution to SERS and TRS for FY 2022
By statute, the State may not authorize General Obligation (“GO”) debt > 1.6x General Fund tax receipts,
subject to statutory exceptions
■ The amount of debt available for issuance for the UConn 2000 program is limited by State statute
■ State Constitution requires a balanced budget (i.e., general budget expenditures authorized for any fiscal
year cannot exceed the estimated amount of revenue for such year)
■ State law requires passage of a biennial budget
Budget Reserve Fund
("BRF")
■ The State has both a constitutional and a statutory regime for funding the BRF
■ Amounts in excess of 15% must be used to pay down pension obligations or outstanding debt
Spending Cap
Regular Revenue
Forecasting &
Monitoring Tools
Prohibited by the State Constitution from increasing expenditures from year to year by a percentage
exceeding the greater of the percentage increase in personal income or the percentage increase in
inflation, with certain exceptions
Regular revenue forecasting, monitoring of fiscal progress and multi-year planning tools in place
Monthly reports are required from the Comptroller and the Office of Policy and Management and
periodic reports are required from other entities, including the Legislature's Office of Fiscal Analysis
Source: POS Appendix A
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