Comptroller’s Deficit Projection at $131.3 Million
The state comptroller has pegged the state deficit projected for fiscal year 2013 at 131.3 million dollars, little changed from a month ago.
Kevin Lembo says while he continues to agree with the consensus revenue forecast, the spending trend he’s using is above estimates from the Office of Policy and Management – a little over $76.5 million dollars.
He says projections could very well change next month, because income tax collections usually are high in April.
Lembo also says recent federal tax changes, coupled with favorable market performances, could see a capital gains revenue shift from future years. He says the bottom line is that the economy continues to recover at a slower pace than originally forecast.