Treasurer Russell Commends General Assembly on Passage of Responsible Budget Adjustment and Key Agency Legislation

05/08/2026

Hartford, CT - Connecticut State Treasurer Erick Russell on Thursday applauded the General Assembly for passing a responsible budget adjustment and enacting several important pieces of legislation proposed or supported by his office during the 2026 legislative session.

"The bipartisan budget adjustment passed by the General Assembly makes meaningful investments in the things Connecticut families rely on every day-education, childcare, housing, transportation, and local budgets-while maintaining the state's overall strong fiscal position," said Treasurer Russell. "The budget also positions Connecticut hospitals to receive additional federal funding, provides another $300 million for the Early Childhood Education Endowment, increases aid to municipalities, and strengthens support for children and working families across our state. At the same time, Connecticut continues to build on its fiscal progress. Our rainy-day fund remains full, and we are poised to again exceed our required pension contributions, helping protect the retirement security of teachers and state workers while reducing long-term costs for taxpayers. Responsible budgeting also strengthens our ability to maintain strong credit ratings, lower borrowing costs, and invest in Connecticut's future. I commend the legislature and the Governor for a job well done."

Treasurer Russell also acknowledged the General Assembly for enacting several important pieces of legislation proposed or supported by his office:

Community Banks and Credit Unions (SB 218)

The Treasurer's Community Bank and Credit Union Initiative provides targeted investments in the form of certificates of deposit (CDs) to eligible institutions that: offer locally originated loans to individuals and small-to-medium-sized businesses; or provide locally oriented banking services in underserved markets.

New legislation gives the Treasurer greater flexibility to administer the program and respond to the evolving financial needs of community banks and credit unions, including the ability to offer lower interest rates and more affordable funding to eligible community institutions that support local businesses, homeowners, and consumers.

Firefighters Cancer Relief Fund (SB 349)

The Firefighters Cancer Relief Fund is a state-managed program administered by the Office of the Treasurer to provide financial assistance to firefighters diagnosed with cancers linked to their profession. The Fund ensures that municipalities are reimbursed promptly for benefits paid as they support firefighters and their families.

New legislation enhances and streamlines the administration of this important fund, focusing on fiscal transparency and timeliness in reporting. The legislation consolidates duplicate reporting and includes more detailed information on the fund revenues, expenses and balance for policymakers and firefighter groups.

Unclaimed Property (SB 488)

In recent years, the Office of the Treasurer has implemented several upgrades to Connecticut's Unclaimed Property Program to streamline processes, leverage technology, and return funds to rightful owners more quickly while reducing risk of error or fraud. This includes the launch of CT FastTrack in 2024 and CT Big Match in 2025. These improvements have produced record results, with $120.9 million returned last fiscal year and $82 million the year before.

New legislation expands the statutory definition of "indication of interest" used to determine when a financial account is escheated to the state. The expanded definition accounts for the modern ways people interact with their banks and financial accounts-increasingly digital and increasingly mobile. The change will help to ensure that people's property is not escheated to the state simply because they didn't interact with an account in the narrowly defined ways that were in statute prior to this bill.

The new legislation also adjusts the thresholds for property that can, in certain circumstances, be returned to owners automatically through the state's CT Big Match program. Under the program, property valued at $50 up to $2,500 with a single, verified owner will be automatically returned with no application required.

The $50 threshold has been codified into law to account for the administrative costs of running the CT Big Match program. Since each payment requires multiple steps-matching data, preparing, and mailing two separate notices, and, in some cases, canceling checks that go uncashed-it is often cost-prohibitive to initiate this process for lower-value properties. Property owners can still review and file claims for unclaimed property of any value by visiting CTBigList.gov.

About the Office of the Treasurer

The Office of the Treasurer is charged with safeguarding Connecticut's financial resources through prudent cash management and debt management, with the State Treasurer serving as principal fiduciary for six state pension and twelve state trust funds. Additionally, the Office enhances the state's fiscal stability through programs promoting financial literacy and college savings, and it leverages business partnerships to support the advancement of Connecticut's social and policy priorities, including combating gun violence and protecting our environment. The Office of the Treasurer is led by State Treasurer Erick Russell, the first Black, out LGBTQ person to win an election for statewide office in American history. To learn more, visit portal.ct.gov/ott.

Contact: Brett Cody
[email protected] | (959) 529-2468