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State announces $315.8M deficit for Fiscal Year 2016

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HARTFORD – State Comptroller Kevin Lembo said Friday it appears Connecticut will close its books for the fiscal year with a nearly $316 million deficit.

Lembo’s announcement echoed an estimate previously released by the governor’s Office of Policy and Management.

He also said the deficit figure for the fiscal year that ended Thursday could be adjusted. He’ll release a final unaudited report on Sept. 30 and a final audited report by Dec. 31.

OPM Secretary Ben Barnes has said the state will spend much of its rainy day fund to offset the shortfall. That would leave less than $100 million in the state’s reserve account, a situation that prompted concerns this week from Moody’s credit rating agency.

Click here for Lembo’s breakdown.

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