Nonpartisan analysts: CT budget is $78M in deficit
CT Mirror, October 11, 2016
Governor stands firm back to top
But the Malloy administration stood by its earlier forecast.
“We stand by our (Sept. 20) projections and will update them as the law requires in a week,” Malloy spokesman Chris McClure said. “While we might disagree with OFA on their assumptions, the simple reality is that we agree with them on more than 99 percent of an $18 billion (General Fund.) One thing we know for sure is that no one – Democrats, Republicans, or non-partisan staff – have ever accurately predicted revenue or expenditures within 1 percent this early in the fiscal year. In other words, everyone will keep projecting, and we’ll do what’s necessary to keep our budget in balance and end the year in the black.”
“Although revenues are expected to increase as the good news from Electric Boat, Pratt & Whitney, and Sikorsky turn into new, well-paying jobs, it is concerning that the lawsuit stemming from John Rowland’s illegal layoff of state workers has continued to harm Connecticut far into the future,” Brendan Sharkey said. “In the next legislative session it is imperative that the legislature remains focused on continuing to invest in job creation and economic growth, while keeping a close eye on spending.”
“At this point in the fiscal year, budget projections are always in flux; however, Connecticut continues to show signs of economic revitalization and growth in the precision manufacturing, aerospace and technology sectors,” Senate President Pro Tem Martin M. Looney, D-New Haven. “We will have a clearer picture of trends when consensus revenue figures are released in November.”
Lembo, who must issue a monthly budget projection, has a report due on Nov. 1.