HARTFORD, Conn. (AP) _ Gov. Dannel P. Malloy’s budget director says the state of Connecticut is setting aside about $102 million for reserves because revenues are higher than projected, including a modest improvement in income tax collections.

The money will replenish a rainy day fund that had been depleted during the economic downturn.
Benjamin Barnes said in a letter Friday to state Comptroller Kevin Lembo that the budget deficit for the fiscal year that ended June 30 is now $120.3 million, compared to an earlier projection of $192.3 million. A copy of the letter was obtained by The Associated Press.

In May, state lawmakers passed a budget that covered the deficit with money originally marked for debt payments. Barnes said $102 million of that money will now be left in reserves.

(Copyright 2012 by The Associated Press. All Rights Reserved.)


Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Listen Live