Connecticut Rainy Day Fund on Verge of being Depleted
This article was published on: 06/20/16 8:47 PM by Curt
June 30 marks the end of Connecticut’s fiscal year and it will also be the date that the state will spend much of its rainy day fund to offset Connecticut’s $316 million deficit. This figure represents a $56.7 million increase over last month’s projected deficit which was used to propose and pass the states budget. Even with state spending being held down or eliminated, revenues are approximately $600 million lower than lawmakers and fiscal analysts predicted at the beginning of the fiscal year. Tapping into the states rainy day fund will leave less than $100 million in the reserve account.