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Friday, July 01, 2016

Some ‘Bright Spots’ Seen in CT Economy

By Keith M.Phaneuf

While confirming that state government’s finances have slipped yet again, Comptroller Kevin P. Lembo also said today that a few “bright spots” show Connecticut’s economy might not be done growing.

And while the state entered a new fiscal year today, Lembo certified a $315.8 million deficit in the the outgoing budget — a shortfall that worsened largely because of further slippage in state income and sales tax receipts.

The deficit for the 2015-16 fiscal year, which is $56.7 million worse than projected one month ago, potentially could leave Connecticut with only about $90 million in its emergency reserve – a level equal to about one-half of 1 percent of annual operating costs.

Lembo, who recommends a reserve of 15 percent, will not formally close the books on 2015-16 until the end of September.

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Posted 07/01/16 at 01:32 PM  Permalink


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