No big deal we are out of money. Oops! You may think I am talking about the $17 Trillion dollar National Debt or possibly Connecticut's future 2014-15 budget deficit of $3 to $4 Billion dollars or even Connecticut's long term $80 Billion dollar debt.
No I am talking about Connecticut Innovations. Surprised? They have run out of money for this year.
Connecticut Innovations uses taxpayers monies/state bonding to help develop companies with their new products and jobs. According to their website they have created 26,000 new jobs since their start(I am unsure of the year either 1989 or 1995). In my economic opinion that is not a great deal of jobs in a 20 year plus period.
I have read and reread their Financial statements for the period ending June 30, 2013. This is public information on their website also http://www.ctinnovations.com/pdf/CI_Audited_Financials_June-30-2013.pdf In trying to understand this agency, they had an operating loss of ($17,892,744) for that fiscal year with operating expenses of $54,517,117 of which $9,237,449 was salaries and benefits for apparently approximately 70 employees and contractors. This is an average of $131,964 per employee and or contractor. They received from the State of Connecticut taxpayers $21,670,000 for that fiscal year also.
To me that is astounding as a taxpayer. I can only imagine what their fiscal report will read for Fiscal 2013-14.
It is also important to understand that Jackson Laboratories relocation to Connecticut is being handled through this agency. Remember Jackson Laboratories must create 300 jobs to have a $25 Million dollar loan forgiven by state taxpayers. That is $83,334 per job paid for by state taxpayers.
However they are now out of money. They will be asking the State Bonding Commission for $50 Million dollars in new funding at their next state meeting.
No big deal we are out of money. Oops!
Just more of the same here in Connecticut, state taxpayers footing the bill for the grand illusion of a large, encroaching, and omnipotent quasi-state agency. Numbers do not lie-they certainly do not in this example of this agency.
No big deal we are out of money, come on Connecticut taxpayers dig deeper today to give them more and more ad infinitum (to infinity).