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Budget Deficit

Schools
CT Colleges Face Large Cuts To Services, Price Hikes As Funding Disappears CT Colleges Face Large Cuts To Services, Price Hikes As Funding Disappears
CT Colleges Face Large Cuts To Services, Price Hikes As Funding Disappears Colleges and regional universities across Connecticut are expecting a $140 million deficit next year now that pandemic-era funds are drying up, the CT Mirror reports. The Board of Regents of Higher Education, an organization that oversees that state's 12 community colleges, state universities, and the online Charter Oak College, said the cuts by state lawmakers tightening their budgets along with the loss of federal funding is equal to 11 percent of the entire state system budget, the outlet said. The University of Connecticut in Storrs and its satellite campuses are planning for a $70 mill…

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by Kathy Reakes
News
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