Projected state revenues skyrocketed by $1.7 billion Friday, positioning officials to balance the next state budget without tax hikes.
Analysts say surging tax revenues will soften a big deficit this year and dramatically shrink shortfalls over the next biennium.
Gov. Ned Lamont favors the Republican plan over an extension of a federal program that provides $600-a-week in added unemployment.
Derby – Gov. Dannel P. Malloy said Thursday he would use the $506 million projected surplus to beef up the state’s fiscal reserves, pay down pension obligations and provide modest tax relief.
Malloy, a first-term Democrat facing re-election this year, chose a blue-collar, Naugatuck Valley community to announce that if legislators approve his plan, the state would be sending out checks of $55 to single filers and $110 to couples.