Post by Logan on Jan 16, 2016 4:23:08 GMT -6
Despite attempts last month to put the state’s fiscal house in order budget analysts agreed Friday that revenues are running short of projections opening up a $500 million hole in the state budget over the next two fiscal years.
A drop in personal income tax receipts are driving the revenue numbers downward, according to numbers from the legislature’s Office of Fiscal Analysis and the Office of Policy and Management.
When the budget was adopted in June lawmakers estimated the state would bring in $9.83 billion in income taxes and on Friday budget analysts adjusted that number down to $9.57 billion. Sales tax was adjusted slightly downward too from $4.36 billion to $4.23 billion.
The deficit is about $26.8 million in 2016 and balloons to $502 million in 2017.
Continue reading at www.nhregister.com/government-and-politics/20160115/revenues-drop-again-putting-connecticut-back-in-the-red .
A drop in personal income tax receipts are driving the revenue numbers downward, according to numbers from the legislature’s Office of Fiscal Analysis and the Office of Policy and Management.
When the budget was adopted in June lawmakers estimated the state would bring in $9.83 billion in income taxes and on Friday budget analysts adjusted that number down to $9.57 billion. Sales tax was adjusted slightly downward too from $4.36 billion to $4.23 billion.
The deficit is about $26.8 million in 2016 and balloons to $502 million in 2017.
Continue reading at www.nhregister.com/government-and-politics/20160115/revenues-drop-again-putting-connecticut-back-in-the-red .