A $2.3 billion fiscal cushion in the new state budget might be fatter by hundreds of millions of dollars.
State revenues surged by nearly half a billion dollars Thursday, the second major improvement in less than a month.
As tax revenues continue to grow, Connecticut is on pace to close the fiscal year with $800 million to spare.
Gov. Ned Lamont’s administration expects to spend about $630 million less than legislators authorized.
State Comptroller Kevin P. Lembo confirmed Monday that a recent surge in projected income tax receipts has left the current budget on pace for closing with roughly a $250 million surplus.
After facing a projected deficit of nearly $400 million three months ago, Connecticut may have ended the last fiscal year with a slight surplus, Gov. Dannel P. Malloy’s administration reported Thursday.
State government’s finances are back in the black — albeit by a razor thin margin — according to new estimates released Friday by Gov. Dannel P. Malloy’s administration. But major shortfalls still are projected for each of the next two fiscal years.
It’s came as no surprise this week when Gov. Dannel P. Malloy’s administration reported the state budget was in balance. What was far more surprising, though, was the added assertion there are no signs of cost-overruns in any of the dozens of agencies supported by this year’s $19 billion budget.
State government wrapped up the fiscal year with a $121.3 million surplus, according to unofficial numbers released Tuesday by Gov. Dannel P. Malloy’s administration. But one of the governor’s chief rivals insists the surplus wouldn’t exist had Malloy not used borrowing to defer hundreds of millions of dollars in operating costs until after the election.
Faced with shrinking state tax receipts, minority Republican legislators Thursday grudgingly used one of the largest “gimmicks” they had chastised Gov. Dannel P. Malloy for in their latest budget proposal.
Despite decrying the budget gimmicks of his Republican predecessors, Gov. Dannel P. Malloy is employing some fiscal tricks himself, using $70 million in borrowing and other gimmicks to balance his latest spending plan.
Election-year politics. A large future deficit. A sticky constitutional cap. Budget obstacles are everywhere as legislators return Wednesday to the Capitol for the 2014 General Assembly session.
Gov. Dannel P. Malloy proposed expanding a renters’ rebate program to serve an additional 12,700 low-income elderly residents next fiscal year, ending a controversial freeze that originated in his administration.
State finances are on pace to finish $506.1 million in the black when the fiscal year ends June 30, Gov. Dannel P. Malloy’s administration reported Tuesday afternoon.
Gov. Dannel P. Malloy finally has a chance to trumpet a large budget surplus, even though much of it stands on shaky underpinnings. And Republicans suspect the Democratic governor will use it next month to pay for an election-year tax cut — even though a larger deficit has been forecast for just a year from now.