Comptroller’s Office Releases SEBAC Concession Savings for FY18,19
Executive Summary of the Comptroller’s Report:
SEBAC AGREEMENT SAVINGS FOR FY 2018 and FY 2019
In 2017 the State Employees Bargaining Agent Coalition (SEBAC) and the state negotiated an agreement to assist in resolving the financial issues of the State of Connecticut while preserving public services. Under the agreement, changes were made to employee pension and health care benefits and agreements on employee compensation. Through these negotiations, the state projected a savings of $700.9 million in Fiscal Year 2018 and $868.6 million in Fiscal Year 2019 or $1.57 billion over the biennium.
The following report is a breakdown of the actual savings associated with the 2017 SEBAC contract amendment.
As the analysis demonstrates, programs and initiatives established pursuant to the 2017 SEBAC agreement have collectively resulted in a net savings of $1.7 billion over Fiscal Years 2018 and 2019 – exceeding the total initial projected savings by approximately $128.8 million. Many of these programs are ongoing and expected to continue to produce savings in future fiscal years.
Report submitted to Governor Ned Lamont and the Connecticut General Assembly on 12/10/2019
Report generated by the Office of the State Comptroller