Despite an improving economy, Connecticut could be facing budget deficits of more than $1 billion over the next three years.
Gov. Dannel Malloy’s budget office and the General Assembly’s non-partisan Office of Fiscal Analysis told lawmakers this on Friday.
“Employment is increasing, our income is rising, retail sales are growing, and the economy is on the rebound,” Karen Buffkin, of the governor’s budget office, explained to members of the Appropriations Committee.
Connecticut Gov. Dannel Malloy, left, talks with Vermont Gov. Peter Shumlin during a break at the New England Governors and eastern Canadian Premiers 38th annual conference, Monday, July 14, 2014, in Bretton Woods, N.H.
Connecticut Democratic Governor Dannel Malloy announced on Tuesday that the state ended its fiscal year in June with a $121.3 million budget surplus. The surplus is now nearly four times what the Malloy administration had projected just a month ago.
The Stamford Board of Finance voted 5-1 Tuesday night to approve an 11th-hour appropriation for $2.1M for a projected shortfall in several departments including police and fire. That's not before board members chastised the Martin Administration and this year's budgetary process for not keeping the body better informed of the projections.