The shortfalls are due largely to the coronavirus-induced recession.
The first sign that the coronavirus has infected Connecticut’s budget presented itself Wednesday.
Nonpartisan analysts reminded lawmakers Wednesday that the next recession could be right around the corner.
A controversial tax hike on prepared foods will rake in $158 million over next two years.
The state budget is running a deficit — albeit a small one — the legislature’s nonpartisan Office of Fiscal Analysis reported Thursday. But it could have big political repercussions.
Despite rapidly eroding state income tax receipts, analysts for Gov. Dannel P. Malloy’s administration and the legislature are counting on payments from future legal settlements and other sources to mitigate much of the likely tax revenue loss next fiscal year.