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May 1, 2015

State deficit grows to $162 million

Ben Barnes, Secretary, Office of Policy & Management

The projected Connecticut state budget deficit grew another $41 million in the past 11 days, as the Office of Policy & Management now predicts a $161.7 million shortfall.

The consensus revenue estimates released Thursday showed that personal income tax collection were expected to come in $65.5 million lower than previously expected on April 20, according to OPM. The health provider tax also was revised downward $18.7 million while collections of miscellaneous taxes dropped $30.6 million.

On the positive side, federal grants are expected to yield $32.7 million more in collections, mostly due to Medicaid reimbursements.

Projections of state expenditures have not changed. The make up for the deficit, Gov. Dannel P. Malloy has proposed $37.3 million in cuts and expects administrative efforts to curtail personnel and contract expenses to make up the rest.

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