News
State Budget Deficit Soars To 624-Million
11-03-2009 03:35 AM EST
| By ###Ted Lorson/psl FFC)
(Hartford, CT) -- State Comptroller Nancy Wyman says Connecticut is projected to end the current fiscal year with a 624-million-dollar deficit. Wyman says continued weak collections of income taxes is the main reason for the projection. Wyman's projection is more than 200-million-dollars higher than Governor Jodi Rell's. Total revenue is down by more than 400-million-dollars. That means a proposed half-percent cut in the state sales tax will likely be cancelled. The budget calls for the sales tax cut to be cancelled if revenues drop by more than 200-million-dollars. Rell's latest estimate was a 172-million-dollar revenue drop, which would allow the tax cut to take effect.
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