Connecticut Budget Expected To End Year In The Black

HARTFORD, CT — The tax receipts from April 15th have been counted and Connecticut is poised to end the fiscal year with a $581 million operating surplus. That’s on top of the $885.5 million that will automatically be deposited into the Rainy Day Fund as a result of the volatility cap.

That brings Connecticut’s Rainy Day Fund up to $2.65 billion.

At the same time the state is still on track to end next year with a $1.5 billion deficit and the following year with a $2 billion deficit. That $3.5 billion budget deficit is what lawmakers and Gov. Ned Lamont are looking to resolve with their budget proposals.

Later Wednesday, lawmakers will put forward their tax package and the negotiations with the Lamont administration will begin in earnest.

Republicans, who lost seats in the last election, said the positive numbers reflect the bipartisan budget that didn’t seek to increase taxes.

Read more: https://www.ctnewsjunkie.com/archives/entry/20190501_connecticut_budget_expected_to_end_year_in_the_black/