Post by Logan on Jul 4, 2016 1:12:51 GMT -6
Malloy Holds Back $130 Million In Spending As New Fiscal Year Begins
HARTFORD – As the new fiscal year starts Friday, Gov. Dannel P. Malloy is holding back $130 million from state agencies in an early attempt to rein in spending in the $19.76 billion budget.
In addition, the state's cigarette tax will be increasing to $3.90 a pack Friday, up from the previous $3.65 a pack.
The cigarette tax is projected to generate $371 million in the new fiscal year, an increase from the previous estimate of $363 million. But with general declines in smoking, fiscal forecasters have predicted revenue drops in the future for cigarettes.
The tax increase was approved by the legislature in 2015 with enactment for the fiscal year that starts Friday.
Read more: www.courant.com/politics/hc-malloy-budget-savings-0701-20160630-story.html
HARTFORD – As the new fiscal year starts Friday, Gov. Dannel P. Malloy is holding back $130 million from state agencies in an early attempt to rein in spending in the $19.76 billion budget.
In addition, the state's cigarette tax will be increasing to $3.90 a pack Friday, up from the previous $3.65 a pack.
The cigarette tax is projected to generate $371 million in the new fiscal year, an increase from the previous estimate of $363 million. But with general declines in smoking, fiscal forecasters have predicted revenue drops in the future for cigarettes.
The tax increase was approved by the legislature in 2015 with enactment for the fiscal year that starts Friday.
Read more: www.courant.com/politics/hc-malloy-budget-savings-0701-20160630-story.html