Much of the shortfall is due to a sharp decrease in enrollment.
deficit
Posted inMoney
Spiking tax revenue will wipe out state budget deficit, analysts say
Projected state revenues skyrocketed by $1.7 billion Friday, positioning officials to balance the next state budget without tax hikes.
Posted inMoney
Lawmakers considering boosting CT’s credit card limit to assist those hurt by the pandemic
The pandemic-induced recession has left Connecticut lawmakers with one of their tightest credit card limits in recent history.
Posted inMoney
Analysts: Lamont, lawmakers face $4.3 billion gap in next two-year state budget
The shortfalls are due largely to the coronavirus-induced recession.
Posted inEducation
UConn halts free tuition program amid surging budget deficits
Citing gaping deficits caused by the pandemic, UConn announced Wednesday it is discontinuing its free tuition program after one year.
Posted inMoney
Surging tax receipts take a huge chunk out of state’s projected budget deficit
The improved fiscal picture increases the likelihood Gov. Ned Lamont can avert major tax hikes next spring.
Posted inMoney
Connecticut’s record-setting rainy day fund is running on borrowed time
While state analysts struggle with economic uncertainty, they concede Connecticut’s vaunted budget reserve could be gone a year from now.
Posted inEconomic Development, Health, Money
Lembo: CT may not know its full financial plight for months to come
“The speed and scale of the pandemic’s economic disruptions are unprecedented for Connecticut,” said Comptroller Kevin P. Lembo.
Posted inMoney
Coronavirus begins to widen hole in state finances
The first sign that the coronavirus has infected Connecticut’s budget presented itself Wednesday.
Posted inPolitics
Despite gains, Democrats may need GOP help to pass next CT budget
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.
Posted inMoney
CT has a surplus – for now
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.
Posted inPolitics
Larson continues push Social Security reform — and says Trump would back him
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.
Posted inMoney
CT Dems help derail GOP’s balanced-budget amendment
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.
Posted inMoney
Time is running out for lawmakers to close CT budget deficit
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.
Posted inMoney, Politics
Malloy to take one last shot at balancing CT’s books
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.