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Connecticut Budget Deficit Rises to $60 Million

Tax revenues are down, and less money is being made from the state's casinos.

 

In the first four months of the fiscal year, Connecticut’s deficit is up to $60.1 million, according to the Office of Policy and Management.

A letter published by CT News Junkie from Ben Barnes, secretary of the Office of Policy, stated corporate taxes are down $15 million. Casino revenues are also off by $25 million.

At the start of October, the budget deficit was projected at less than half the current deficit. Comptroller Kevin Lembo forecast $26.9 million deficit for the fiscal year, citing a decline in sales tax and casino revenues.

“The slow national economic recovery continues to influence Connecticut’s state budget in Fiscal Year 2013,” Lembo said in a written statement. “Despite weak sales tax revenues, the state could still reach its revenue targets due to a positive income tax trend and other factors. Our deficit projection is driven by the spending side, where the rising Medicaid caseload continues to grow and will likely run $100 million over budget.” 

Connecticut ended the previous fiscal year $143.6 million in the red. The deficit was paid off by using money in reserves.

Cliff Cuming October 23, 2012 at 10:06 AM
Cut spending before the reserve runs dry.
Vote them OUT!!!! October 23, 2012 at 02:09 PM
CT had the largest tax increase in our history. I thought that was supposed to solve the problem? Maybe raising taxes does not work unless you cut spending. But for some reason our government can't seem to grasp that simple concept. Now the State is using medicaid as the excuse for why they can't balance the budget. They will use every excuse they can find rather than face the reality that you need to make some major spending cuts. Our representatives all live in a fantasy world and do not want to face reality. Vote them all out of office! I am not voting for anyone who is currently in office. I have a voice and I will use my vote to send a message that I am sick and tired of the games that these politicians play, Maybe if they are all voted out of office, the new people will get down to some serious work about solving the problems.
Cliff Cuming October 24, 2012 at 03:42 AM
Vote for Libertarians since republicans and democrats are both tax and spend addicts.

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