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Wednesday, January 15, 2014

Surging CT Tax Revenues Give State Big Shot in the Arm

By Keith M. Phaneuf

State government’s finances got a big shot in the arm today with a new report showing surging tax revenues in the current budget –- and improving forecasts for after the state election in November.

And while a sizable deficit still is projected for the first budget of the next gubernatorial term, Gov. Dannel P. Malloy or his successor could close more of that gap if they save most of this year’s projected surplus, which approaches $500 million.

The so-called consensus report released today, prepared by the legislature’s nonpartisan Office of Fiscal Analysis and the Malloy administration, is the last assessment of state revenues before the governor submits his new budget plan to the legislature Feb. 5.

“There’s much work to do, but make no mistake: our economy is improving, private-sector jobs are growing at the strongest pace in decades and we are reducing the state’s overall indebtedness,” Malloy said. “And we are accomplishing all of this at the same time we are putting money away in the Rainy Day Fund. That’s a record to be proud of.”

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01/15/14 11:54 PM Comments () • Permalink

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