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Ouch! Declining Income Tax Revenue Could Expand State Deficit

April 24th, 2017 · 3 Comments · City Budget, News and Events

More messy financial news from Hartford as cities and towns await final state assistance to plug into their local budgets–lower than anticipated state income tax receipts. The state legislature continues to battle with its budget while local municipal officials hold their collective breath.

CT Mirror reporter Keith Phaneuf has more:

New reports show dramatically eroding state income tax receipts that could expand the deficit in the next two-year budget by more than $500 million while depleting existing reserves.

Although six more days remain before analysts complete their review of April income tax receipts, the new numbers also raise the prospect state government may have to borrow to balance the current budget–the first time Connecticut has had to do so in eight years.

And these reports come as Gov. Dannel P. Malloy and legislators are scrambling to avoid raising income tax rates for the third time since 2011.

The legislature’s nonpartisan Office of Fiscal Analysis notified the Finance, Revenue and Bonding Committee on Monday that April receipts are running $267 million below the level anticipated in this fiscal year’s adopted budget.

Full story here.

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