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Connecticut Budget Deficit Is 62% Higher Than Projected

This article was published on: 04/24/16 7:14 PM by Curt

Connecticut’s budget deficit sits at $922 million, which is 62-percent higher than the original $570 million estimate projected in January. Democratic legislative leaders are hoping to vote in the coming days on a revised Connecticut budget for the next fiscal year.

The Connecticut legislature is crafting a revised budget in which they aim to cover the full $922 million budget deficit which Connecticut faces. They have stated that the revision WILL NOT include tax increases, but some fees will see increases.

It is possible that a vote on the revised budget could happen as early as Tuesday. Griswold town officials were looking to possibly amend the date on which the town meeting must be held, May 2nd, to allow for time for a State budget to be submitted, so they know what numbers they are looking at.

Governor Malloy’s proposed budget included a $245 million sales tax sharing plan with cities and towns is. It is not known what numbers the revised budget will reflect, but Griswold could still lose $293,000 in sales tax revenue and a property tax increase of 1.05 mills, if Governor Malloy’s sales tax sharing plan remains.

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