CT Expected to End Fiscal Year With $107M Shortfall

Connecticut is expected to end the fiscal year with a $107.2 million shortfall, according to the governor's administration. 

The state comptroller said projected operating shortfall was an improvement from the $215.5 million shortfall they had projected on May 20. 

State Comptroller Kevin Lembo said the change is due to $93.3 million in revenue transfers authorized by the deficit mitigation bill, $54.3 million in other revenue improvement and $67.9 million in reduced expenditures.

"In accordance with existing law, the projected deficit will be extinguished via transfer from the Budget Reserve Fund as part of the process of closing out the fiscal year, leaving a balance in that fund of only $128.4 million for future contingencies," Lembo said in a statement.

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