HARTFORD - The start of a new fiscal year just means the same old budget challenges with controversy over pay raises for top UConn officials amid state employee layoffs and huge spending cuts. Al and Jenn break it down with Senate President Martin Looney and Senate Majority Leader Bob Duff.
Friday, July 1, was the start of the new fiscal year and Connecticut is starting off with a $315.8 million deficit. Comptroller Kevin Lembo said in a statement Friday that number stands pending final budget accruals.
In his letter to Gov. Dannel P. Malloy, Lembo said he the most significant single adjustment to the General Fund, the main spending account, this month was a reduction in projected income tax payments of $75 million – largely driven by market volatility.