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.

In 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.