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Connecticut’s Deficit Rises to $192 Million

Various measures were taken in the past couple years in order to close Connecticut’s deficit, but that problem keeps resurfacing.

 

Connecticut’s deficit is growing faster than expected.

Comptroller Kevin Lembo projects a $192 million deficit for the fiscal year of 2012, which ended on June 30. Previous projections in April had the deficit at only $142 million.

“The economy is the largest single influence on the state budget – dwarfing any other budget drivers,” Lembo said in a statement. “Wall Street’s erratic equity markets and challenges in the financial sector – which had the largest private-sector job loss in the state – is the driving force behind this deficit.”

State income tax levels are as predicted, with a 18.3 percent increase from the 2011 fiscal year. However, taxes from capital gains and bonuses grew only 5.9 percent.

Another problem is that state spending missed its mark by running $22.5 million higher than expected. The deficit will likely be closed using reserve money, said Lembo.

Don Charles July 04, 2012 at 03:47 AM
Hey no problem Barack Malloy and his sleazes in Hartford will just raise or find something new to tax.
JimK July 04, 2012 at 12:33 PM
"“The economy is the largest single influence on the state budget – dwarfing any other budget drivers,” Lembo said in a statement." Yeah, there's no way spending is the largest budget driver. It's definitely someone else's fault. Keep electing Democrats, Connecticut. It's really working out well for all of us.
Charles Baltayan July 04, 2012 at 03:41 PM
Interesting that the $192Million is less than the $300Million that Hamden is supposed to have for its Pension... and Mr. Jackson claims the town is not in dire straights and spends like there is a surplus of funds. Mismanagement at its best. Time for another expensive paid consultant to ignore for political gain and more taxpayer abuse.
Mary Walters July 08, 2012 at 12:14 PM
Perhaps Malloy should contact Mitch Daniels of Indiana and get his advice on how he got the budget there under control - but of course Daniels is a Republican and no self respecting Dem would be so foolish. Actually it's the voters in CT who are the fools - keep electing Democrats.
Don Charles July 08, 2012 at 01:15 PM
Mary have no fear they will keep elected these Democratic fools. They would elect Satan if he had a D after the name. Look at what they did with the ex convict in Bpt they want him back in Hartford and they will also elect Donovan who was whitewashed by Twardy. Nay Nay on the Dems in power time to get them the hell out!!!
chris s July 09, 2012 at 06:55 PM
Where are all the common sense people in CT? Why do you keep electing reps who only know how to spend and tax? Maybe it's the half of this state that receives the free hand-outs from the govt and gets a tax refund when they pay no taxes at all! Keep shoveling the handouts to get re-elected by the dead beats. We are in a race with CA to see who can declare bankruptcy first.

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