Comptroller Pegs Gap at $7.1 Million
State Comptroller Kevin Lembo is agreeing with the governor’s administration that the state is facing a $7.1 million deficit in this fiscal year, and that savings can be found to balance the budget.
But the comptroller’s projection came with a warning: “there is potential for continued erosion of revenue due to stock market declines and a slowdown in the global economy.”
Last week, the Office of Fiscal Analysis said the state would end the year with a $72.2 million deficit.
The comptroller is confident, however, that the administration can reach its goal of $346.7 million in General Fund savings because it has “historically been successful in achieving budgeted savings targets.”
All budget watchers are concerned about the state of the economy and downturn in state income tax revenue.
According to the comptroller, the income tax is estimated to fall $264.4 million under budget, while the sales tax is projected to be $109.2 million over original budget projections.
For more information, email or call CBIA’s Louise DiCocco (860 244.1169) | @LouiseDiCocco
EXPLORE BY CATEGORY
Stay Connected with CBIA News Digests
The latest news and information delivered directly to your inbox.