Sunday, July 14, 2024

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CT Finances Take Another Big Hit

By Keith M. Phaneuf

www.ctmirror.org

Connecticut’s finances were dealt a major blow today when nonpartisan analysts downgraded projected income tax receipts by hundreds of millions of dollars for this fiscal year and next.

The new report from the Office of Fiscal Analysis, coupled with earlier projections, now means:

— The current fiscal year’s budget could be as much as $266 million in deficit.

— The original budget for 2016-17, adopted last June, now is almost $900 million out of balance.

— Gov. Dannel P. Malloy’s proposal to adjust 2016-17 is as much as $410 million in the red — and that’s assuming legislators agree to cut $570 million from the previously approved 2016-17 plan, as the governor has proposed.

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