Comptroller Kevin Lembo

(AP Photo/Bob Child)

State Comptroller Kevin Lembo is projecting that Connecticut ended the 2016 fiscal year on June 30th $279 million in the red. That’s about a $36 million improvement on what Lembo had predicted last month.

AP Photo/Bob Child

Connecticut Comptroller Kevin Lembo is projecting a $7 million deficit in the state’s 2-year, $40 billion budget when the current fiscal year ends in June.

The city of Bridgeport, Connecticut said it will make its financial information available to the public through a new website. The site, scheduled to be launched in the spring, will carry real-time information on the city’s revenue and its expenses.

AP Photo/Bob Child

Connecticut Comptroller Kevin Lembo said a state crackdown on unproven compound drugs has saved the state about $2 million a month on prescription medications since May.

Compound drugs are mixtures of different medicines created by a pharmacist. They can be made for legitimate reasons, like if a child has difficulty swallowing and needs a pill turned into a liquid form.

Conn. Comptroller's Office

Connecticut Comptroller Kevin Lembo wants the state to change the way it puts away money for a rainy day.

Much of Connecticut’s rainy day fund depends of a volatile source – the sometimes higher than expected revenues generated by corporations and the state’s wealthiest residents, who make money on Wall Street, and file quarterly returns, Lembo said.

"Historically, the way we make a deposit into the rainy day fund is we wait until the end of the year and we see what’s left and then, maybe, most, or all of it gets deposited into the rainy day fund,” said Lembo.

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