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Bond agency notes Connecticut’s “highest ever” reserve fund

Photo credit: Emmanuel Dunand/AFP/Getty Images

HARTFORD — A national bond rating agency is noting how Connecticut has now amassed its “highest ever” emergency reserve account.

Moody’s Investors Service recently issued a report highlighting how the rainy day fund is projected to be more than $2 billion.

Moody’s called it a “credit positive for a state that has experienced a stagnant economy and numerous financial challenges.”

Moody’s notes how personal income tax collections are trending higher than a year ago, calling fiscal 2018 a banner year due to a windfall from hedge fund-related earnings and taxpayers trying to take advantage of the federal tax deduction for state and local taxes before it disappears.

The report says Connecticut is expected to benefit next year from a continuing strong stock market and improvements in employment growth, even though it lags behind nationwide trends.