.

Connecticut Budget Deficit Rises to $60 Million

Tax revenues are down, and less money is being made from the state's casinos.

In the first four months of the fiscal year, Connecticut’s deficit is up to $60.1 million, according to the Office of Policy and Management.

A letter published by CT News Junkie from Ben Barnes, secretary of the Office of Policy, stated corporate taxes are down $15 million. Casino revenues are also off by $25 million.

At the start of October, the budget deficit was projected at less than half the current deficit. Comptroller Kevin Lembo forecast $26.9 million deficit for the fiscal year, citing a decline in sales tax and casino revenues.

“The slow national economic recovery continues to influence Connecticut’s state budget in Fiscal Year 2013,” Lembo said in a written statement. “Despite weak sales tax revenues, the state could still reach its revenue targets due to a positive income tax trend and other factors. Our deficit projection is driven by the spending side, where the rising Medicaid caseload continues to grow and will likely run $100 million over budget.” 

Connecticut ended the previous fiscal year $143.6 million in the red. The deficit was paid off by using money in reserves.

Steven DeVaux October 22, 2012 at 10:46 PM
Will they ever publish the REAL number? Nope. Why? They don't know it.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something