Connecticut on Pace to End Fiscal Year With $70.9 Million Deficit | Connecticut Public Radio
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Connecticut on Pace to End Fiscal Year With $70.9 Million Deficit

Aug 4, 2015

The state comptroller says Connecticut is on track to close out the last fiscal year with a $70.9 million budget deficit.

Kevin Lembo said Monday the final deficit figure for the fiscal year that ended June 30 will be determined later this year after the state's financial books are audited and closed.

Lembo credited Democratic Governor Dannel Malloy's administration with reducing the deficit through spending management. Malloy made three rounds of mid-year cuts to tray and balance the state's budget.

However, Lembo said there remains a "great need to evaluate and address persistently slow wage growth." He said the "payroll-driven withholding portion of the income tax has failed to generate the anticipated gains."

Meanwhile, Lembo said revenue from the state's corporation tax is expected to exceed estimates by $107.7 million.