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COVID-19 Crisis Could Cost Connecticut Billions, Lamont Says COVID-19 Crisis Could Cost Connecticut Billions, Lamont Says
Covid-19 Crisis Could Cost Connecticut Billions, Lamont Says The novel coronavirus (COVID-19) outbreak could wind up costing Connecticut billions of dollars and wiping out the state’s rainy day fund. Calling the numbers “sobering,” Connecticut Gov. Ned Lamont previously said that Connecticut will end the fiscal year with a $1 billion budget shortfall, with the number potentially doubling over the next cycle, which begins in July. Budget numbers released by the Office of Fiscal Analysis show Connecticut’s budget deficit this year grew to over $1 billion, an increase of more than $687 million over the previous estimate. Sales tax revenue dro…

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by Zak Failla
Politics
Parting Plan? Malloy Offers Lamont Insights On Multi-Billion-Dollar State Deficit Parting Plan? Malloy Offers Lamont Insights On Multi-Billion-Dollar State Deficit
Parting Plan? Malloy Offers Lamont Insights On Multi-Billion-Dollar State Deficit During the gubernatorial debates, Democrat Ned Lamont said his first order of business would be to craft a fiscally-responsible state budget within 90 days. The clock is ticking, and outgoing governor Dannel P. Malloy offered the governor-elect some tips. Malloy suggested some strategies to avert a multi-billion-dollar deficit that Connecticut could face over the next two years — if solutions remain elusive. Malloy suggested that Lamont, a Democrat from Greenwich, tap into state reserves to avoid tax hikes. Other deficit-trimming options Malloy cited in his transition budget include: …

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by Jon Craig