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CT Paid Leave Authority: September budget shows operating shortfall, rising benefit payouts
Summary
Staff reported a $976,000 operating deficit for September with a $334,000 favorable variance overall driven by timing on software licenses and payroll; contribution activity was negative for the month and benefits paid totaled about $38.5 million.
Dave, the authority’s budget lead, reported early fiscal year 2026 activity through September and described timing differences and payment trends affecting both the operating and contribution accounts.
"For the results of September for our operating accounts, we had over a negative $976,000, which resulted in a positive variance of $334,000," Dave said, attributing the favorable variance mainly to timing on a MuleSoft software license and payroll and pension timing differences. He said the license purchase expected in September did not post until the next month.
On contributions and benefits, Dave said month activity in the contribution account was a negative $37,600,000, producing a roughly $2,000,000 negative variance. Benefits paid for the month totaled over $38,500,000 (a weekly run rate of about $9,600,000). Dave said the contribution account balance remained strong at about $592,100,000 and the cash‑basis balance sheet was over $597,300,000; available bond funds were $1,300,000 and operating reserves $1,600,000.
Dave also noted interest income contributed positively for the month (interest earned near 4.34% produced about $241,000 favorable variance). He said grievance‑adjudication timing with DOL partners caused some month‑to‑month variance but that the item is expected to normalize.
The board had no questions on the budget presentation. With no additional business, a motion to adjourn carried and the meeting ended at 09:30.
What happens next: staff will present updated quarterly projections at the next meeting after receiving spring’s (actuary/vendor) updated projection for contribution account activity.
