That means that you wait for the connection for 60 seconds max. As Colin pointed out there are several issues in your connection string. However, if you're executing a query, is it really a problem in geting the connection or is the problem occuring when executing the query (after a connection is made). If it's in the query, the connection timeout has nothing to do with the problem. In that case you should try to optimize the query itself.
The need to optimize rises from a bad design.My articles[^]