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Budget Deficit Estimate Drops

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State Capitol  Courtesy state of CT

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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.)

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