State facing $500 million-plus revenue deficit over next two years

By Kevin Zimmerman

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The state government can expect about $208 million less General Fund revenue in the 2017-18 fiscal year than had been projected over the summer, and about $297 million less in 2018-19, according to the Consensus Revenue Report, sent to state legislators by Secretary of the State of Connecticut Office of Policy and Management Benjamin Barnes and the state’s Director, Office of Fiscal Analysis Neil Ayers.

Revenue expectations for the current budget were also lowered by $46 million from the adopted budget. Together, new revenue erosion and higher pension costs are expected to increase projected budget deficits to $1.5 billion next fiscal year and $1.74 billion in 2018-19.

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