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Wednesday, April 30, 2014

Tax Receipts Plunge, Next CT Budget $300M in Deficit

By Keith M. Phaneuf

www.ctmirror.org

Plummeting tax receipts have ripped a nearly $300 million hole in the next state budget, leaving legislators and Gov. Dannel P. Malloy just one week to fix it, according to a new report today from fiscal analysts.

Meanwhile, proposed new spending for pre-kindergarten programs, the elderly and working poor, public colleges and universities, and for cities and towns hang in the balance –- as do tax breaks for teachers and consumers and the potential expansion of legalized gambling in Connecticut.

New projections from the administration and the legislature’s nonpartisan Office of Fiscal Analysis also worsened the deficit in the first budget after the November election, pushing it close to $1.4 billion or 7.4 percent of annual operating costs.

Meanwhile, the $500 million-plus surplus Malloy touted just two months ago when he proposed a tax rebate has disintegrated to $43 million.

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