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The state enters Fiscal Year 2018 with a projected General Fund deficit of more than $2.1 billion.
A detailed plan will be finalized and released publicly before June 30, the governor said.
The group’s five suggestions include modifying state employee retirement benefits and rebalancing long-term health care.
The figure is significantly higher than the $5.7 million deficit recently projected by Policy and Management Secretary Benjamin Barnes.
Towns and cities originally were told sales tax revenue sharing would amount to $246 million this fiscal year, but that figure was cut to $185 million.
Kevin Lembo said that erratic reports on job and wage growth – both locally and nationally – have complicated the forecasting process.
Comptroller Kevin Lembo said the budget reserve fund should be enough to offset the general fund shortfall.
With a 19-17 vote, state senators gave final approval last week to a $37.6 billion budget for Connecticut’s 2014 and 2015 fiscal years.