Revenues Up But Deficit Remains

E-mail Print PDF

HARTFORD — State Comptroller Nancy Wyman reported that Connecticut’s economy is generating increased tax revenues, but the failure of some state agencies to meet savings targets has created a $45.3 million budget deficit.

Driven by improved receipts of the state’s two largest tax categories — income and sales taxes — overall estimated revenues have exceeded expectations by $198 million since the 2011 fiscal year began July 1, according to Wyman. Those receipts are mainly due to the state gaining about 8,000 jobs since January.

 

“The positive news is that we are finally seeing some solid revenue growth that is directly tied to the recent upswing in jobs,” Wyman said. “But those gains are unfortunately being negated by the inability of some agencies to achieve the savings targets that were built into the budget.”

 

Most notably, Wyman said, the Department of Social Services is currently posting a deficiency of $140 million. Statewide agency deficiencies total $171.2 million.

 

Those deficiencies are mitigating the gains in revenues and other positive economic signs, including a resurgence in the state housing market, where new home sales jumped 30 percent in the fiscal quarter that ended last June.

 

The $45.3 million deficit is based on a $19.2 billion budget for the fiscal year that ends June 30, 2011.

 
Should Connecticut Give Special Incentives to Individual Companies?
 

Google Search



If you aren't receiving your subscription, or you would like to cancel or change the address please contact us at:

This e-mail address is being protected from spambots. You need JavaScript enabled to view it

or fax 203-781-3482

Please provide you correct address and phone number.


To CANCEL your subscriptions please send an email with your current address for a single family home or name and address for a multi-family home, or business Indicate you want to cancel the subscription.

send the email to This e-mail address is being protected from spambots. You need JavaScript enabled to view it

To purchase a subscription, follow the link under About Us on the home page to a secure ecommerce site, managed by google.com