Comptroller: $100 Million Added To Deficit In Last Month
Connecticut’s projected deficit for the current fiscal year is up about $100 million in the last month, according to the latest projection from Comptroller Kevin Lembo. Lembo puts the figure at $140 million, compared to an estimate of $40 million a month ago.
Lembo says his office agrees with other projections that state revenue is down nearly $34 million dollars, but says he projects more than $75 million dollars spending beyond the figure from the Office of Policy and Management, mainly due to a growth in the caseload of the Department of Social Services.
He says tax revenues could improve between now and the end of the fiscal year, with the April tax collections, and if investors shift capital gains revenues to this year.