consensus revenue report

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CT counts on future legal settlements to mitigate eroding income tax receipts

Budget director Benjamin Barnes visiting the Capitol press room to report on state revenue forecasts.

Despite rapidly eroding state income tax receipts, analysts for Gov. Dannel P. Malloy’s administration and the legislature are counting on payments from future legal settlements and other sources to mitigate much of the likely tax revenue loss next fiscal year. Continue Reading →

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Shrinking revenue forecast shows CT’s red ink spreading fast

Ben Barnes, the governor's budget chief, in June after telling agency heads the state would defer raises for non-union managers.

Gov. Dannel P. Malloy and the legislature face more than $600 million in red ink this fiscal year and next combined — and another shortfall close to $1.4 billion after the next state election — if new revenue estimates released Tuesday are correct. That means the financial problems facing the Capitol over the next few years are roughly five times the size of Connecticut’s modest $406 million emergency reserve. Continue Reading →

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CT budget again faces red ink as federal grants, gaming revenues shrink

Ben Barnes, the governor's budget chief, presents the budget

Despite a small bump upward in state tax receipts, new cracks in state finances surfaced Monday that could contribute to a budget deficit forecast by week’s end. A joint report by nonpartisan analysts and by Gov. Dannel P. Malloy’s administration projects total revenues will fall about $59 million below the level built into this year’s budget. (Photo: Benjamin Barnes, state budget director) Continue Reading →

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