Authority projects May operating deficit but fund balance remains strong at over $611 million
June 26, 2026 | CT Paid Leave Authority, Quasi-Public Agencies, Organizations, Executive, Connecticut
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Dave, a staff member at the Connecticut Paid Leave Authority, presented a condensed financial presentation to the Finance & Audit Committee on June 26 intended to improve public accessibility of the authority’s finances while retaining full supporting statements for committee review.
He reported that operating activity for May was a negative $1.3 million, which produced about a $400,000 positive variance to budget for the month. Year to date operating activity was negative $10.2 million with a $2.8 million favorable variance to budget. Dave said the largest operating expense categories were payroll, the contact center and outreach; the transcript listed a payroll figure as "1,41,000" which was unclear in the record, so the exact payroll dollar amount was not specified in the transcript. He said bond‑related expenses for the month were about $44,000 and that $944,000 remained available in the fund line originally budgeted for website redesign and the employee contribution system.
On contributions, Dave reported May net contribution activity was a negative $51.1 million and attributed a large part of that to benefits paid of $52.3 million in the month, which reflected five weeks of reimbursement to AFLAC. Weekly average benefits paid were reported at $10.5 million. Revenue during the month included about $3.2 million, with contribution revenue (including fund recovery) of $1.3 million and investment income near budget at $1.9 million. He said the authority’s fund balance as of the end of May was over $611 million and that the organization expects to finish the fiscal year with a net change in the operating account of roughly negative $1.8 million while carrying a positive variance to budget of approximately $2.6 million into the next fiscal year to cover retroactive pay increases.
Committee members praised the cleaner slide set and sought brief explanation of how detailed line items were condensed; Dave said the detailed financial statements and spreadsheets remain available and that the condensed slides are aimed at highlighting the key items the committee and public should focus on.
The committee concluded the brief meeting with no new business and adjourned at 9:22 a.m.
He reported that operating activity for May was a negative $1.3 million, which produced about a $400,000 positive variance to budget for the month. Year to date operating activity was negative $10.2 million with a $2.8 million favorable variance to budget. Dave said the largest operating expense categories were payroll, the contact center and outreach; the transcript listed a payroll figure as "1,41,000" which was unclear in the record, so the exact payroll dollar amount was not specified in the transcript. He said bond‑related expenses for the month were about $44,000 and that $944,000 remained available in the fund line originally budgeted for website redesign and the employee contribution system.
On contributions, Dave reported May net contribution activity was a negative $51.1 million and attributed a large part of that to benefits paid of $52.3 million in the month, which reflected five weeks of reimbursement to AFLAC. Weekly average benefits paid were reported at $10.5 million. Revenue during the month included about $3.2 million, with contribution revenue (including fund recovery) of $1.3 million and investment income near budget at $1.9 million. He said the authority’s fund balance as of the end of May was over $611 million and that the organization expects to finish the fiscal year with a net change in the operating account of roughly negative $1.8 million while carrying a positive variance to budget of approximately $2.6 million into the next fiscal year to cover retroactive pay increases.
Committee members praised the cleaner slide set and sought brief explanation of how detailed line items were condensed; Dave said the detailed financial statements and spreadsheets remain available and that the condensed slides are aimed at highlighting the key items the committee and public should focus on.
The committee concluded the brief meeting with no new business and adjourned at 9:22 a.m.
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