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State Ends Fiscal Year with $143.6 Million Deficit

Revenues in Connecticut fell well short of what was expected.

 

Connecticut ended the fiscal year with a $143.6 million deficit, which was eliminated using the state’s reserves.

Revenues failed to meet expectations despite growing by 4.8 percent in the 2011-12 fiscal year. Revenues totaled $854.2 million, short of the target by $227 million.

According to the office of Comptroller Kevin Lembo, expenditures in 2013 are budgeted to rise by 2.6 percent, while revenues are expected to grow at a 3.1 percent rate. 

"This rate of (spending) increase is historically low and will require careful monitoring and swift remedial action if outlays trend higher," Lembo said in a press release.

According to Reuters, spending rose 5.2 percent in the 2011-12 budget compared to the previous year. 

Lembo’s office said the largest spending increase was in the Department of Social Services by $409.4 million, or 7.6 percent, as Medicaid caseloads rose 52 percent. 

More spending increases came from contributions to teachers’ retirement, up $210.2 million debt service payments and funding for state employees’ retirement.

Still, salary and wage costs declined by more than 8 percent. 

Despite the deficit, it was r. In July, Lembo expected a $192 million deficit. 

Thomas Alegi September 07, 2012 at 07:29 PM
All I have to say is, 2 + 2 = 5 in Connecticut, but who's counting
cheryl September 08, 2012 at 12:33 PM
lets spend $$$ on that high speed rail, more social programs, and legacy increases. now thats a plan don't ya think? all i can do is shake my head as to who in the world votes for these knuckleheads.
Thomas Alegi September 08, 2012 at 02:49 PM
Cheryl, have you not seen the new proposed voter line on Connecticut voter ballots called: “Propagate Vote Column” The more people who cast their votes in this column, the more political Knuckleheads are born, which in turn guarantees more of everything for those people who vote for Knuckleheads.
cheryl September 10, 2012 at 06:30 PM
and that;s the plan looks like Globally doesn't it? (collapse) i.e. Sacramento, CA. Greece, Italy, Spain. they are the quite essential intellectuals. They are so smart they are contibuting to their own demise. You know, you can't really blame them in a way- the media is to blame- and the media I believe is treasonist. If they were reporting the truth about the debt, about the global plan and how its by design, maybe, just maybe all people would look at things differently. But when you have a complicent media in bed with any administration - (state run media) as in communist coiuntries only propaganda is told to their advantage. What do you think will happen if BHO is re-elected. Our economy will definitly collapse within his 2 term. At least with Romney we might be able to slow this obamanation down. It would be nice but to really stop it, we must eliminate certain departments within the gov & the UN and he's not that guy. Too bad.

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