Free Daily Headlines :

  • COVID-19
  • Vaccine Info
  • Money
  • Politics
  • Education
  • Health
  • Justice
  • More
    • Environment
    • Economic Development
    • Gaming
    • Investigations
    • Social Services
    • TRANSPORTATION
  • Opinion
    • CT Viewpoints
    • CT Artpoints
DONATE
Reflecting Connecticut’s Reality.
    COVID-19
    Vaccine Info
    Money
    Politics
    Education
    Health
    Justice
    More
    Environment
    Economic Development
    Gaming
    Investigations
    Social Services
    TRANSPORTATION
    Opinion
    CT Viewpoints
    CT Artpoints

LET�S GET SOCIAL

Show your love for great stories and out standing journalism

Post-election CT budget outlook worsens, even as current finances improve

  • by Keith M. Phaneuf
  • November 8, 2013
  • View as "Clean Read" "Exit Clean Read"

The state budget shortfall awaiting the winner of next year’s gubernatorial election appeared to worsen Friday, even as the outlook for the current budget improved.

The legislature’s nonpartisan Office of Fiscal Analysis and Gov. Dannel P. Malloy’s budget agency issued a joint report that lowered expected revenues for the 2015-16 fiscal year by $163 million.

OFA had estimated in June that the state faced a $712 million shortfall in its general fund — a gap equal to about 4 percent of annual operating expenses — in the first budget after the election.

Fiscal analysts for both branches of government must submit more detailed reports Nov. 15, analyzing spending and revenue trends and including revised deficit or surplus forecasts. The legislature’s Appropriations and Finance committees tentatively are scheduled to review those reports Nov. 25.

The consensus revenue report issued Friday reduced long-range assumptions for income and sales tax receipts, while predicting more growth in revenues from business and real estate conveyance taxes.

The picture was brighter for the current, two-year state budget.

The new report bumped revenue projections for this fiscal year by $56.5 million, and those for 2014-15 by $32 million.

Most of that growth was centered on sales, corporation and conveyance taxes.

“The new estimates show that Governor Malloy’s focus on jobs and the economy, coupled with his prudent fiscal management, are showing positive results in state revenues,” Benjamin Barnes, the governor’s budget chief, wrote in a statement.

But some of the improvement in the current budget isn’t likely to repeat itself.

Nonpartisan analysts estimated $30 million in growth in this year’s corporation tax receipts is due to a more-successful-than-anticipated amnesty program that the state offered tax delinquents.

That program ends Nov. 15.

Barnes added that it might be too soon for any of these numbers to be seen as definitive.

“These estimates are a snapshot of the situation four months into the fiscal year,” he said. “The federal shutdown seems to have hampered the economic recovery both nationally and in Connecticut but we are not yet sure of the extent of that damage to state revenues, which are a month or two behind. As always, we will closely monitor revenues and expenditures and manage state government to ensure this year’s budget will remain balanced and may even show a small surplus next summer.”

Sign up for CT Mirror's free daily news summary.

Free to Read. Not Free to Produce.

The Connecticut Mirror is a nonprofit newsroom. 90% of our revenue comes from people like you. If you value our reporting please consider making a donation. You'll enjoy reading CT Mirror even more knowing you helped make it happen.

YES, I'LL DONATE TODAY

ABOUT THE AUTHOR

Keith M. Phaneuf

SEE WHAT READERS SAID

RELATED STORIES
Health issues carried weight on the campaign trail.
by Victoria Knight | Kaiser Health News

Even with the Democrats’ newfound Senate majority, differences in health policy between the party’s moderate and progressive wings will persist.

Trump’s pardons included health care execs behind massive fraud
by Fred Schulte | Kaiser Health News

At the last minute, President Donald Trump granted pardons to several individuals convicted in huge Medicare swindles that prosecutors alleged often harmed or endangered elderly and infirm patients while fleecing taxpayers. “These aren’t just technical financial crimes. These were major, major crimes,” said Louis Saccoccio, chief executive officer of the National Health Care Anti-Fraud Association, […]

‘It’s a nightmare:’ A growing number of seniors are unable to book vaccine appointments as problems mount
by Dave Altimari and Jenna Carlesso

The state acknowledged Friday in an email to local health workers that some residents are waiting days for a callback.

Panel recommends small, inflationary pay hike for state officials
by Keith M. Phaneuf

Connecticut's part-time legislature hasn't received a pay hike since 2001. The annual base-pay for senators and representatives is $28,000.

Police task force seeks wider applicant pool for watchdog role
by Kelan Lyons

The task force sent four recommendations — and two that didn't get unanimous approval— to lawmakers for the 2021 session.

Support Our Work

Show your love for great stories and outstanding journalism.

$
Select One
  • Monthly
  • Yearly
  • Once
Artpoint painter
CT ViewpointsCT Artpoints
Opinion Miguel Cardona, who are you?
by Ann Policelli Cronin

When I ask Connecticut teachers about Miguel Cardona, those who know him or have worked with him say that he is really nice guy who knows what the challenges in our classrooms are, knows how to help teachers to improve their teaching, and respects public schools. All good. But what is his vision for teaching and learning that he will bring to the U.S. Department of Education?

Opinion Connecticut needs a strong two-party system, this Democrat says
by Edward Marcus

J.R. Romano’s recent resignation as the state’s Republican Party chair has brought into focus the need for a viable opposition party in Connecticut. It is not healthy politics when everything is totally controlled by one party:  the legislature, the governorship, and most of the major municipalities in our state.

Opinion Connecticut’s $100 million college shell game
by Stephen Adair

The plan to consolidate the 12 community colleges in Connecticut into one college with 12 campuses is called “Students First,” which is ironic because it does not fund students first.  It funds a new administration in a new, statewide bureaucracy. The Board of Regents (BOR) and the Connecticut State Colleges and Universities (CSCU) system office […]

Opinion Inconsistent television captioning is a barrier to equal access
by Jeffrey Bravin and Barbara Cassin

Our world long ago entered the age of the 24-hour news cycle, and a full understanding of the “who, what, when, where and why” of the news is critical for deaf, deafblind and hard of hearing citizens. Yet, Connecticut’s inconsistent quality of television captioning locks our community out of the complete sense of what is happening.

Artwork Grand guidance
by Anne:Gogh

In a world of systemic oppression aimed towards those of darker skintones – representation matters. We are more than our equity elusive environments, more than numbers in a prison and much more than victims of societal dispositions. This piece depicts a melanated young man draped in a cape ascending high above multiple forms of oppression. […]

Artwork Shea
by Anthony Valentine

Shea is a story about race and social inequalities that plague America. It is a narrative that prompts the question, “Do you know what it’s like to wake up in new skin?”

Artwork The Declaration of Human Rights
by Andres Chaparro

Through my artwork I strive to create an example of ideas that reflect my desire to raise social consciousness, and cultural awareness. Jazz music is the catalyst to all my work, and plays a major influence in each piece of work.”

Artwork ‘A thing of beauty. Destroy it forever’
by Richard DiCarlo | Derby

During times like these it’s often fun to revisit something familiar and approach things with a different slant. I have been taking some Pop culture and Art masterpieces and applying the vintage 1960’s and 70’s classic figures (Fisher Price, little people) to the make an amusing pieces. Here is my homage to Fisher -Price, Yellow […]

Twitter Feed
A Twitter List by CTMirror

Engage

  • Reflections Tickets & Sponsorships
  • Events
  • Donate
  • Newsletter Sign-Up
  • Submit to Viewpoints
  • Submit to ArtPoints
  • Economic Indicator Dashboard
  • Speaking Engagements
  • Commenting Guidelines
  • Legal Notices
  • Contact Us

About

  • About CT Mirror
  • Announcements
  • Board
  • Staff
  • Sponsors and Funders
  • Donors
  • Friends of CT Mirror
  • History
  • Financial
  • Policies
  • Strategic Plan

Opportunity

  • Advertising and Sponsorship
  • Speaking Engagements
  • Use of Photography
  • Work for Us

Go Deeper

  • Steady Habits Podcast
  • Economic Indicator Dashboard
  • Five Things

The Connecticut News Project, Inc. 1049 Asylum Avenue, Hartford, CT 06105. Phone: 860-218-6380

© Copyright 2021, The Connecticut News Project. All Rights Reserved. Website by Web Publisher PRO