Home Economy Minus budget, Connecticut officially in the red

Minus budget, Connecticut officially in the red

Connecticut is officially in the red to the tune of about $94 million just seven weeks into the current fiscal year, according to Gov. Dannel P. Malloy’s administration.

connecticut budgetIn his first monthly report on the new fiscal year, Office of Policy and Management Secretary Ben Barnes said the government plans to transfer $94 million from the Municipal Revenue Sharing Account, funded by one-half percent of the state sales tax, to offset the projected shortfall. Such a move will require legislative action.

Presently there is no resolution in sight for the two-year, $5.1 billion budget deficit. Legislative leaders from both parties are expected to meet today to further discuss possible solutions.

The administration issues a budget update on or about the 20th of each month to the comptroller’s office; the July 20 report addressed the past fiscal year.

State Comptroller Kevin Lembo is scheduled to release his report on the budget situation on Sept. 1.

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