CT Paid Leave Authority finance committee reviews FY26 budget and shortens review period to 28 days

The Connecticut Paid Leave Authority Finance Committee reviewed a proposed fiscal year 2025–26 budget on a meeting held virtually and heard that the authority expects operating expenses of about $16.86 million, contribution fund activity of roughly $490.2 million in receipts and $475.3 million in benefit payments, and a small planned draw on operating reserves.

The review, led by finance staff member Dave, covered three budget components: an operating budget for the authority’s administration, a bond budget for IT and system enhancements, and a contribution budget that estimates contributions, investment income and benefit payments. "We will be going over our proposed budget for the following fiscal year ending 06/30/2026," Dave told the committee as he opened the presentation.

The operating revenue is budgeted at just under $16.7 million, driven primarily by a $16.0 million administrative fee paid from the contribution fund and about $700,000 in fund-recovery penalties. Operating expenses are budgeted at about $16.856 million, creating a planned use of roughly $160,000 from operating reserves rather than the general fund; the authority reported about $14 million in operating…