Malloy’s budget office projects $7.1M general fund deficit
HARTFORD — Gov. Dannel P. Malloy’s budget office is projecting Connecticut will end the current fiscal year with a deficit, despite a recent special legislative session that attempted to fix the fiscal problem.
Office of Policy and Management Secretary Ben Barnes said in a letter to the State Comptroller on Wednesday that the $18 billion general fund may have a $7.1 million deficit when the fiscal year ends June 30.
State estimates last week showed that revenues are down $26.8 million. Revenue from the personal income tax took the biggest hit.
Barnes says the $26.8 million loss was partially offset by $19.7 million worth of savings from reduced spending including cutting back on hiring new employees.
He also says increased ticket sales from recent, large lottery jackpots have increased the state’s coffers.