Lembo says Connecticut facing $197.7 million budget deficit
HARTFORD, Conn. (AP) — State Comptroller Kevin Lembo says Connecticut is on track to end the current fiscal year on June 30 with a $197.7 million deficit, but acknowledges that may change.
The Democrat explained Monday, in a letter to Democratic Gov. Dannel P. Malloy, the final figure depends upon tax receipts collected in April and growth in Wall Street bonuses over the past year.
A recent annual report from the New York State comptroller revealed how bonuses in the securities industry are up 17 percent over the last year, averaging $184,220. Many workers on Wall Street live in Connecticut and therefore would help fuel growth in the withholding portion of the state’s personal income tax.
Lembo says the corporation and sales taxes continue to underperform, noting action will be needed to close the deficit.