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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.

socrates October 22, 2012 at 09:23 PM
Golly, the biggest tax increase in history sure fixed everything! When will the people of this state ever wake up???? Malloy is an incompetent moron.
Richard Poulton October 22, 2012 at 09:53 PM
The Malloy administration must think we are stupid. Sept. 5th, the state tells us we will be in the red some 143.6 million dollars. Then 27 days later, Oct. 2nd, we will only be in the red 27 million. Cool, getting better. Now we are told, in what 20 days we will be in the red about 60 million. What happened in those 20 days? Just could stop writing those checks could he. But lest give are state employees a nice raise because they still work for the state. I will guarentee one thing, come election time the state will be in the black, just for election time, then it will fall back to normal.
Mike October 22, 2012 at 11:16 PM
People of CT please do not re-elect anyone who is in office now. We need to clean house to clean up CT. This state is full of low life crooks, ripping off the public day and night.
Voice of Reason October 23, 2012 at 12:46 AM
Well, we could compare that 60 million figure to the State's actual debt of 98 Billion (Billion, with a B) and suddenly it doesn't look too bad. **sigh.....**
Mike October 23, 2012 at 12:49 AM
Unfortunately you are right.

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