Estimates show future budget deficits for state - WFSB 3 Connecticut

Estimates show future budget deficits for state

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HARTFORD, CT (AP) -

New reports show Connecticut's next governor will likely have a budget deficit to address after taking office.

The General Assembly's nonpartisan Office of Fiscal Analysis on Friday predicted the fiscal year that begins July 2015 will be $1.1 billion in deficit, based on current spending levels. OFA projected budget deficits exceeding $1 billion in each of the following two fiscal years.

Democratic Gov. Dannel P. Malloy's budget office, the Office of Policy and Management, projected a much smaller deficit of $612.4 million in fiscal year 2016. That's followed by projected deficits of $432.5 million in 2017 and $376.3 million in 2018.

OPM used different methodology in making its calculation, but still acknowledged in its report released Friday that Connecticut faces "significant fiscal challenges" due to the continued slow economic recovery.

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