Fiscal Accountability Report

Recent Posts

Debt costs, shrinking revenues taking big toll on next CT budget

Surging debt costs and shrinking revenues alone will force state officials to cut $1.1 billion to $1.3 billion out of the next state budget to avoid tax hikes, according to separate analyses Tuesday from two fiscal agencies. But the two reports probably still don’t reflect the full cuts to discretionary programs that would be required to stave off tax hikes. Continue Reading →

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New rule: Curbing state spending or masking looming deficits?

Gov. Dannel P. Malloy insists recently adopted legislation that restricts how nonpartisan staff report future budget trends — including deficits — will help ensure state spending doesn’t increase “on autopilot.” But the measure places no restrictions on what the legislature can propose or adopt, nor will it prevent legislators from obtaining the material nonpartisan analysts will not be able to publish in one high-profile report. Continue Reading →

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Legislators delve into deficit, including its sudden appearance

The legislature’s two budget-writing panels grilled Gov. Dannel P. Malloy’s fiscal staff Friday about the new state deficit – and the administration’s latest cuts to reduce it. Republican legislators focused, as expected, on why the $99 million shortfall Malloy reported last week wasn’t acknowledged before Election Day. Continue Reading →

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It’s official: CT’s budget is $89 million to $100 million in the red

The state budget received its first official deficit reports Friday when nonpartisan legislative analysts and Gov. Dannel P. Malloy’s administration projected shortfalls ranging from $89 million to just under $100 million. Budget director Benjamin Barnes, insisted it quickly would be closed, and reasserted Malloy’s insistence that tax hikes are not an option. (File photo: Gov. Malloy and budget director Barnes) Continue Reading →

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