Nonpartisan Office Predicts $45 Million Deficit for This YearMarch 27, 2017
Gov. Malloy's office predicted a $22 million surplus last week. On Monday, the nonpartisan Office of Fiscal Analysis (OFA) said no, it's a $45 million deficit.
The budget wars continue. A week after the budget office of Gov. Dan Malloy (D-Conn.) predicted a $22 million surplus for Connecticut in fiscal year (FY) 2017, a nonpartisan office predicted a $45 million deficit for FY 2017.
The Office of Fiscal Analysis (OFA) released its report on Monday. OFA said they are “projecting a deficit of $45 million,” which is a $20 million improvement from February but still represents a state in the red for this year and beyond.
Last Monday, Malloy budget director Ben Barnes said the state will finish the year $22 million in the black, even as the state faces a larger, $1.7 billion deficit in FY 2018.
But OFA’s report suggests that not even FY 2017 is rosy for Connecticut. Falling income tax and sales tax revenue projections put Connecticut firmly in the red.
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