Report: Connecticut budget almost $78 million in deficit

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HARTFORD — The General Assembly’s nonpartisan fiscal office says Connecticut’s main spending account is currently projected to be almost $78 million in deficit.

In a report released Thursday, the Office of Fiscal Analysis says the shortfall in the state’s roughly $18 billion general fund could have been higher. However, Connecticut has received $80 million than expected from investment bank Royal Bank of Scotland as part of a recent legal settlement.

OFA notes how income tax collections have come in $80 million less than expected since July 1, when the new fiscal year began.

Len Fasano, the Senate’s Republican leader, says another budget crafted by majority Democrats “has failed our state yet again.”

Democratic House Speaker Brendan Sharkey predicts state revenues should improve given the new, recently announced manufacturing jobs coming to Connecticut.