Connecticut's Budget Is Still In The Red After Latest Revenue Estimates
HARTFORD, CT — Not counting the one-time windfall the state appears to have received from changes to the federal tax law, Connecticut’s revenues are still in the red by $260.1 million this fiscal year and $282.8 million in the next fiscal year.
That’s according to the latest estimates from the nonpartisan Office of Fiscal Analysis and the Office of Policy and Management.
Connecticut received a $675 million windfall from residents making early payments on their personal income taxes and from the repatriation of off-shore hedge fund income. However, an estimated $665 million of that will be transferred to Connecticut’s Rainy Day Fund based on new budget language that requires it.
“We should all be encouraged by the substantial deposit to the Rainy Day Fund that we and OFA are projecting,” Office of Policy and Management Secretary Ben Barnes said. “I am especially pleased that the new Volatility Cap law requires that the recently disclosed, one-time windfall in tax collections will be set aside in reserve.”
Read more: http://www.ctnewsjunkie.com/archives/entry/20180116_cts_budget_is_still_in_the_red_after_latest_revenue_estimates/
