Statement on January Consensus Revenue Estimates

January 17, 2017

Fasano: Relying on One-Time Revenue is Not a Sustainable Budget Fix

Hartford – Senate Republican President Pro Tempore Len Fasano (R-North Haven) released the following statement regarding the January state budget consensus revenue estimates. The estimates project a reduction in the state budget deficit for the current fiscal year, which ends on June 30, 2017.

“While some may be tempted to take a victory lap, this is not a shining moment for our state or our budget. This change is thanks to companies having to pay more in new taxes than originally anticipated and the state lucking out with over $172.5 million in new one-time revenues. The governor should be sending the attorney general flowers and chocolates, because without his fortunate timing the state would be facing a shortfall of nearly $200 million.

“This one-time funding is not a fix by any means to reform state spending. With a budget deficit of over $1 billion already projected for next year, it’s discouraging to see that the answer to this year’s problems has consistently been to wait, see and hope for something better. Our state needs predictability and stability. We need to base our budgets on real numbers, not one time revenues. From the start, we have to budget using money that we have, not money that we find after the fact,” said Fasano.