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Tag: Connecticut Budget Deficit
The state's Special Transportation Fund could become insolvent by 2024, according to the nonpartisan Office of Fiscal Analysis.
Office of Policy and Management Secretary Melissa McCaw has decreased Connecticut’s projected budget deficit by 40% – although the figure remains at $1.2 billion. Last month...
The Lamont administration is predicting a $2.1 billion deficit for FY21, which began on July 1, and a $3.5 billion deficit for fiscal 2022 and 2023.
"Agencies are making efforts to curtail hiring and discretionary expenditures, and the governor is prepared to exercise recission authority if necessary to mitigate against ending the year with an operating deficit," according to McCaw.
The comptroller warned about long-term ramifications of a new federal tax law that he said will disproportionately shift an even greater share of the federal tax burden on high-income states like Connecticut.
Senate Republican President Pro Tempore Len Fasano and Gov. Dannel Malloy's office are engaged in a war of words about the situation.
The bill implements changes in the structure of the controversial hospital tax, among other things.
The Business Council of Fairfield County recently hosted several legislative leaders as part of breakfast forum dedicated to addressing the state's budget crisis.