By Keith M. Phaneuf
The projected deficit in the next two-year state budget has swelled by more than $500 million because of declining revenue projections, state fiscal analysts reported today.
Coupled with recent cost hikes projected for Connecticut’s pension fund for teachers, red ink in the next two-year budget has grown by nearly $600 million in two weeks.
The Consensus Revenue Report, signed by the governor’s budget agency and by the legislature’s nonpartisan Office of Fiscal Analysis, also lowered revenue expectations for the current budget by $46 million from the adopted budget, probably worsening deficit forecasts issued in the last few weeks.
Analysts said state government can expect about $208 million less General Fund revenue in the 2017-18 fiscal year than nonpartisan analysts projected this summer, and about $297 million less in 2018-19.
Anyone else questioning why this information came out after the elections?
And why it’s so tough to figure out the impacts in advance?