The shortfalls are due largely to the coronavirus-induced recession.
OFA
Coronavirus begins to widen hole in state finances
The first sign that the coronavirus has infected Connecticut’s budget presented itself Wednesday.
Some lawmakers want to raid the rainy day fund. Not so fast, analysts say.
Nonpartisan analysts reminded lawmakers Wednesday that the next recession could be right around the corner.
Prepared food tax will hit consumers harder than lawmakers thought
A controversial tax hike on prepared foods will rake in $158 million over next two years.
Nonpartisan analysts: CT budget is $78M in deficit
The state budget is running a deficit — albeit a small one — the legislature’s nonpartisan Office of Fiscal Analysis reported Thursday. But it could have big political repercussions.
CT counts on future legal settlements to mitigate eroding income tax receipts
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.