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Lembo warns of stock market’s effect on state budget

Traders work on the floor of the New York Stock Exchange (NYSE) during the opening Bell on March 4, 2019 in New York City. (JOHANNES EISELE/AFP/Getty Images)

HARTFORD — State Comptroller Kevin Lembo is warning about record-high household debt in Connecticut and the implications of a volatile stock market on state revenues.

The Democrat says the impact of federal tax changes and the stock market’s negative performance in 2018 may have a “substantial impact” on tax collections for the balance of the current fiscal year, which ends June 30. Lembo’s warning came in a recent letter to Democratic Gov. Ned Lamont.

Lembo says the April tax collection period “will take on added significance for this year’s final budget results,” warning he may have to revise his projection that Connecticut will end the fiscal year with a $506.8 million surplus.

He notes American household debt has grown over 18 consecutive months, hitting a record of $13.54 trillion as of December.

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