University of Connecticut General Obligation Bonds 2023 Series A and Refunding Series A
The State's Budget Reserve Fund Projected to Remain Full UCONN
Allowing for Additional Transfers to Pension Funds
In FY 2023, the balance in the Budget Reserve Fund ("BRF") is
projected to total $5.2 billion, exceeding the statutory cap of 15% of
net General Fund appropriations (1)
All amounts in excess of this cap will be applied as transfers to the
State's pension funds, similar to FY 2020, 2021 and 2022
■ The State is projected to end FY 2023 with a $1.3 billion volatility cap
amount, which will result in BRF balance of 23.7% of
appropriations (1)
a
■ $1.9 billion, representing amounts in the BRF in excess of 15% of
General Fund appropriations, will be transferred to the pension
funds
The most recent Office of Policy and Management ("OPM") and
Comptroller projected revenue estimates from October 20, 2023
reflect strong General Fund revenues in FY 2024
General Fund Revenues & Expenditures (2)
($ millions)
Total Revenues
Net Appropriations/
Expenditures
FY 2024
October 2023
OPM Estimate
$22,586.8
($ in millions)
($ in millions)
$8,000
Budget Reserve Fund Balance (1)
TREASURER'S OFFICE
STATE OF CONNECTICUT
$6,000
$4,107
$1,871
$4,000
$1,618
$62
$2,000
$3,013
$3,112
$3,313
$3,316
$0
2020
2021
2022
2023
■BRF Statutory 15% Cap
(Unaudited)
Excess to Pension Funds
Historical and Projected General Fund Revenues(3)
FY 2022
Actual Results
FY 2023
Unaudited
Results
$25,000
Actual
$24,065
$22,823 $22,587
$23,424
$20,000
$21,990
$20,531
$19,650 $19,194
$21,990.9
$22,822.9
$15,000
20,729.6
22,271.8
22,374.7
$10,000
Operating
1,261.3
551.1
212.1
$5,000
Surplus/(Deficit)
Volatility Cap
$0
3,047.5
1,321.8
683.2
Transfer to BRF
2019
2020
2021 2022 2023 2024 2025 2026
(Unaudited) (proj.) (proj.) (proj.)
(1)
333
POS Part II pp. II-14
(2)
POS Part II pp. II-22, II-26, II-33
(3) POS Part II pp. II-22, II-33; 2024 from Oct. 2023 OPM Estimate; 2025 and 2026 from May 2023 Consensus Revenue Estimates
University of Connecticut | State of Connecticut 14View entire presentation