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

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.