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Posted inMoney, Politics

Shrinking revenue forecast shows CT’s red ink spreading fast

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.

Posted inMoney, Politics

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

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)