Home Economy CT Comptroller Lembo projects $594.5M deficit

CT Comptroller Lembo projects $594.5M deficit

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Comptroller Lembo

Connecticut Comptroller Kevin Lembo is projecting a $594.5 million deficit in the state budget for fiscal year 2018.

In a letter to Gov. Dannel P. Malloy, Lembo said this new projection is slightly lower than the forecast issued by the Office of Policy and Management due to a recent state settlement delay.

This one-time windfall in estimated and final income tax collections totals $4.54 billion, and Lembo explained that approximately $1.39 billion of income tax revenue would exceed the state’s new volatility threshold. As a result, approximately $779.4 million will likely be transferred to the state’s Budget Reserve Fund, which would bring that fund to approximately $992.3 million, or roughly 5.25 percent of the state’s General Fund budget.

“Connecticut’s budget results are ultimately dependent upon the performance of the national and state economies,” Lembo said. “Recent indicators show that the State of Connecticut continues to lag behind the nation’s economic recovery in key areas.”

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Phil Hall's writing for Westfair Communications has earned multiple awards from the Connecticut Press Club and the Connecticut Society of Professional Journalists. He is a former United Nations-based reporter for Fairchild Broadcast News and the author of 10 books (including the 2020 release "Moby Dick: The Radio Play" and the upcoming "Jesus Christ Movie Star," both published by BearManor Media). He is also the host of the SoundCloud podcast "The Online Movie Show," co-host of the WAPJ-FM talk show "Nutmeg Chatter" and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill's Congress Blog, Profit Confidential, The MReport and StockNews.com. Outside of journalism, he is also a horror movie actor - usually playing the creepy villain who gets badly killed at the end of each film.

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