The state comptroller expects the state to end the fiscal year with a $73.6 million deficit because state revenue is down.
Kevin Lembo said state revenues are down by about $83.1 million because of poor collections in estimated income tax payments, and General Fund spending is trending about 2.3 percent above last year through December.
“I must emphasize that my analysis is based on the total state spending trend for the year, and not on achieving savings in any individual areas within the budget plan. The potential need to shift funds in order to address a savings shortfall is ultimately a matter for the administration and legislature,” Lembo said. “Despite the projected state shortfall, the economy continues to show slow and erratic growth – overall headed in a positive upward trajectory.”
For a complete look at the comptroller’s projections, you can review the February Financial Outlook online.
