State Comptroller Kevin P. Lembo asked Gov. Dannel P. Malloy’s administration Thursday to explain why it withheld revenue estimates from his office last month that would show a $133 million deficit in the current budget.
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Malloy administration disclosed budget deficit to agencies last month
Gov. Dannel P. Malloy’s administration last month warned dozens of state agency heads of a significant shortfall in the current budget — but continues to officially report that finances remain in balance.
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CT budget closes in deficit again; little reserves left for this year
Connecticut officially closed its second consecutive fiscal year in deficit Friday, shrinking its budget reserve to a low level as threats of another shortfall loom.
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Outgoing CT budget deficit swells, hints at more red ink to come
Eroding state income tax receipts identified Monday by Gov. Dannel P. Malloy’s administration not only widened the deficit in the outgoing fiscal year, but threatened to punch a hole in the new state budget 12 days before it begins.
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Nonpartisan analysts: Tentative CT budget wipes away lots of red ink
The tentative plan to close a $1 billion hole in Connecticut’s finances starting July 1 also would wipe away more than 40 percent of the red ink threatening state government after the November elections, nonpartisan fiscal analysts reported Tuesday evening.
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Outgoing CT budget springs another leak, could threaten next year’s as well
Less than one month after Gov. Dannel P. Malloy and legislators closed a $220 million deficit in the budget that ends June 30, eroding tax receipts helped punch a new $141 million hole in finances, the administration reported late Wednesday. The last-minute shortfall in the outgoing budget threatens to intensify a bitter, fight over how to balance the next state financial plan.
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Deep cuts expected in budget plan today, but deficit may remain
The legislature’s Appropriations Committee is expected to approve a plan for the upcoming fiscal year that imposes some of the deepest cuts in recent history — but still could be more than $300 million out of balance.
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Union negotiator’s rebuke blasts GOP over call for concessions
Union leaders have been consistent, if somewhat restrained, in their opposition to granting another round of employee concessions to mitigate looming state budget deficits. But that restraint ended last week when the unions’ chief negotiator sent a stinging rebuke to the Republican legislative leaders who issued the first call for concessions 12 months ago.
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Lembo warns CT’s budget may not remain balanced for long
State Comptroller Kevin P. Lembo confirmed Friday that Connecticut’s finances are back in balance — for now. But the state’s chief fiscal watchdog reminded officials that Connecticut is due to test its revenues again shortly after the April 18 income tax filing deadline, and that the potential for more red ink remains very real.
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Legislature adopts bipartisan plan to close this year’s modest deficit
The General Assembly overwhelmingly adopted a bipartisan plan Tuesday afternoon to close most or all of the current budget deficit, immediately shifting the legislature’s focus to a far larger projected shortfall for the fiscal year beginning July 1.
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Malloy orders more cuts as lawmakers vow to close deficit by April 1
While legislators committed Wednesday to close a $220 million hole in state finances by March 31, Gov. Dannel P. Malloy ordered $79 million in emergency cuts, two-thirds of which hit social service agencies and education.
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GOP offers cuts, furloughs to close deficit, restore hospital funds
Updated at 5 p.m.
House and Senate Republicans would furlough all state workers for two days, reduce legislators’ pay, eliminate posts in Gov. Dannel P. Malloy’s administration and reduce spending for education, social services and other programs to balance state finances by June 30.
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Malloy urges rejecting UConn labor pact
After nudging legislators to reject a labor deal granting raises at the University of Connecticut, Gov. Dannel P. Malloy gave them a hard push Wednesday, publicly urging rejection of a contract the university negotiated with its Professional Employees Union. Senate leaders quickly indicated they will comply.
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Lembo reports $220M deficit, confirms eroding tax receipts
State Comptroller Kevin P. Lembo certified a $220 million deficit Tuesday for the current fiscal year, a report that largely echoes last week’s warning from the legislature’s nonpartisan analysts about eroding state income tax receipts.
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After a few dodges, Malloy administration vows not to seek tax hikes
Updated at 2:12 p.m.
After some initial coyness about the state budget revisions Gov. Dannel P. Malloy must submit to legislators next week, the administration confirmed Tuesday afternoon it would neither propose nor support tax hikes.