Much of the shortfall is due to a sharp decrease in enrollment.
Projected state revenues skyrocketed by $1.7 billion Friday, positioning officials to balance the next state budget without tax hikes.
The pandemic-induced recession has left Connecticut lawmakers with one of their tightest credit card limits in recent history.
The shortfalls are due largely to the coronavirus-induced recession.
Citing gaping deficits caused by the pandemic, UConn announced Wednesday it is discontinuing its free tuition program after one year.
The improved fiscal picture increases the likelihood Gov. Ned Lamont can avert major tax hikes next spring.
While state analysts struggle with economic uncertainty, they concede Connecticut’s vaunted budget reserve could be gone a year from now.
“The speed and scale of the pandemic’s economic disruptions are unprecedented for Connecticut,” said Comptroller Kevin P. Lembo.
The first sign that the coronavirus has infected Connecticut’s budget presented itself Wednesday.
Despite their biggest gains in a decade, majority Democrats in the General Assembly have almost no margin for error if they hope to solve Connecticut’s next budget crisis without Republican votes.
Gov. Dannel P. Malloy’s administration announced Monday that state finances have been running almost $138 million in the black since the fiscal year began on July 1.
WASHINGTON– For years, Rep. John Larson has been traveling the country to promote a plan to stabilize Social Security and boost benefits for the poorest Americans. While the plan has failed to move forward, Larson says he now has a powerful new ally — Donald Trump.
WASHINGTON — House Republicans failed on Thursday to pass a balanced-budget amendment the GOP hoped would rebrand the GOP as the party of fiscal responsibility. Connecticut Democrats helped torpedo the effort.
With 10 days left before Connecticut enters the final quarter of the fiscal year, the legislature still has not addressed a significant deficit that leaders pledged to tackle four months ago.
Gov. Dannel P. Malloy will use the final budget proposal of his tenure next week to urge lawmakers to close a nearly $165 million gap in next fiscal year’s finances and mitigate much larger shortfalls facing his successor.