Official: Last fiscal year deficit may be less than expected
HARTFORD — Connecticut may have wrapped up its last fiscal year with a slightly smaller deficit than expected.
On Wednesday, Office of Policy and Management Secretary Ben Barnes projected the deficit in the state’s general fund, the main spending account, will be $279.4 million for the fiscal year that ended June 30. This projection is $36.4 million less than last month’s estimate. It was included in a letter sent to Comptroller Kevin Lembo.
Barnes says much of the improvement comes from federal funds the state has received.
The same report points out that the state has received lower-than-expected revenues from quarterly corporation and income tax payments.
The deficit figures could change again over the coming months. Barnes has previously said the red ink will be covered by using the state’s reserves.