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State To End 2014 In The Black

by Christine Stuart | Jun 25, 2014 12:44pm
(11) Comments | Commenting has expired
Posted to: State Budget

CTNJ file photo

Ben Barnes

Just five days away from the end of the fiscal year, Connecticut is expected to end 2014 with a $33.2 million surplus, according to the governor’s Office of Policy and Management.

In his monthly letter to state Comptroller Kevin Lembo, Budget Director Ben Barnes said the surplus number was reduced about $10 million from last month because of a drop in revenues.

Revenues were revised downward because the federal government did not reimburse the state for $65 million in services provided by the Departments of Mental Health and Addiction Services and Developmental Services.

“OPM and the agencies remain actively engaged with the federal government in resolving issues relating to claiming methodology and allowable costs,” Barnes wrote. “While we remain hopeful for resolution before the fiscal year ends, we have assumed for forecasting purposes that this revenue will be delayed until FY 2015 or, worst-case, not reimbursed by the federal government.”

Barnes said personal income tax receipts have not been updated since last month. But the legislature’s nonpartisan Office of Fiscal Analysis said “collections data received through June 24, 2014 indicates that June estimated payment collections will likely meet or exceed targeted levels.”

Nonpartisan analysts said that while personal income tax receipts will be tallied through early August, it’s assumed that withholding collections will remain above the targeted 1.9 percent annual growth rate.

The corporation tax was revised upward by about $10 million by Barnes’ office and by about $13 million by OFA.

Nonpartisan fiscal analysts projected that the state would end the year with a slightly higher surplus than Malloy’s budget office. They projected a $42.4 million surplus.

Lembo is expected to certify the 2014 budget numbers July 1.

Any surplus will be deposited in the state’s rainy day fund. Nonpartisan analysts are predicting the state will face a $1.278 billion deficit starting in fiscal year 2016.

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(11) Comments

posted by: Chien DeBerger | June 25, 2014  1:00pm

Let’s see, what is the saying? Figures lie, liars figure….good job Dan!

posted by: art vandelay | June 25, 2014  1:58pm

art vandelay

Does one honestly believe a Malloy appointee would make a press release stating fiscal year 2014 is in the RED!  NO WAY!  Malloy’s running for re-election and everything coming from Hartford has spin POSITIVE!

posted by: justsayin | June 25, 2014  2:31pm

The real news is the upcoming deficit. CNBC has us at 47 for cost of doing business, 49 for economy down from 39 last year, 48 for cost of living. That is the real news, not this yeah we faked a surplus.

posted by: Chien DeBerger | June 25, 2014  3:21pm

“State of the States” - What the real picture of Connecticut is: http://online.barrons.com/news/articles/SB50001424053111904881404577603301566976464?mod=BOL_twm_ls#articleTabs_article=1

posted by: Commuter | June 25, 2014  10:12pm

Malloy completes another year in the black. There is no deficit ahead.

Unemployment continues to fall, the private sector continues to hire.

Slowly but surely the state is getting better.

Four more years.

posted by: dano860 | June 25, 2014  10:49pm

They bonded us into the ‘black’.
That doesn’t count!

posted by: dano860 | June 26, 2014  7:43am

Give Dannel another 4, we should be able to get to 50 by then.

posted by: Michele | June 26, 2014  9:29am

This is just creative bookkeeping. What this means is that debt payments are up to date, but debt has not been eliminated. As a matter of fact, it seems to be the trend to borrow more and more money, putting the state deeper into debt. With the state’s economy in the toilet, it should concern everyone that it is the state itself with business loans, grants, and construction projects that seems to be holding things together. What percentage of the state’s economy is the state itself? And the state doesn’t pay taxes. The remaining businesses (the ones that have been bribed to staying in Connecticut) are here because of tax breaks. Looks like the middle class will be expected to carry the load. Can we say mass exodus?

posted by: QuestionMark | June 26, 2014  9:57am

“Tell the people what they want to hear” is the motto of the Malloy press machine. They know that many uninformed voters will believe them.

posted by: robn | June 26, 2014  1:09pm

One doesn’t balance a budget with borrowed money.

posted by: QuestionMark | June 26, 2014  4:27pm

robn:  “Team Malloy” does whatever it takes and frequently and skillfully balances the budget with borrowed money.  It’s their rule of political survival.