OFA Revenue Projection Worsens; Deficit Grows; Time Running Out. Sen. McKinney Calls on Gov. Malloy to Submit Plan to Balance the Budget

February 24, 2012

State Senate Minority Leader John McKinney (R-Fairfield):

“A $31.5 million decline in revenue has led the legislature’s non-partisan Office of Fiscal Analysis to determine that Connecticut’s budget deficit is getting worse, not better as the Governor and administration officials would have us believe. OFA has increased its deficit projection for the fiscal year ending June 30th to $161 million. This does not include the $75 million payment the state needs to make in order for Governor Malloy to keep his promise of moving toward GAAP compliance. That means Connecticut faces a $236 million budget hole with limited time and limited options left to fill it. Governor Malloy has a fiduciary responsibility to take this warning seriously and submit a plan to the legislature that will responsibly address this deficit.”