Report: Improvement In State Budget Shortfall
HARTFORD, Conn. (AP) _ Gov. Dannel P. Malloy’s budget office says the projected deficit in Connecticut’s major spending account has improved due to spending reductions.
But the Office of Policy and Management’s monthly report to State Comptroller Kevin Lembo, submitted Wednesday, provides mixed news for revenues.
Money collected from cigarette taxes and payments from the two tribal casinos is down, while there have been larger than normal collections of the state’s inheritance and estate tax.
OPM Secretary Benjamin Barnes stressed that more than 40 percent of this year’s projected income taxes have yet to be collected.
The administration is projecting an $81.1 million shortfall in the General Fund after accounting standards are applied. That’s $22.1 million less than last month’s projected shortfall of $103.3 million for the fiscal year ending June 30.