April 21, 2017 2 COMMENTS

CT finance chief projects '17 budget surplus

HBJ File Photo
HBJ File Photo
State budget chief Ben Barnes (left) and Gov. Dannel P. Malloy.

Connecticut will likely end the fiscal 2017 with a $19.7 million surplus, Gov. Dannel P. Malloy's budget chief said in an April letter to the state comptroller Thursday.

That surplus, down from a March projection of $22.9 million but higher than Comptroller Kevin Lembo's last forecast of $11.8 million in March, also comes with a projected operating deficit of $29.2 million in the Special Transportation Fund, according to Ben Barnes, secretary of the state Office of Policy & Management.

Revenues this month have been revised downward by $3.8 million, excluding any changes to the personal income tax or income tax refunds, Barnes said. But the corporation tax has been revised upward by $20 million "as that tax continues to outperform its target," Barnes said.

Estimated expenditures are $10 million above the budget plan, he said.

For the Special Transportation Fund, the motor fuels and oil companies taxes fell short of their targets by $3 million and $5 million, respectively, he added.

Comments

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Don Pesci

04/25/17 AT 09:45 AM
Malloy's budgets always have been filled with optimistic -- i.e. campaign ready -- but false revenue projections. This one depends upon such measures offered in Malloy's latest budget as -- shifting one quarter of pension liabilities to municipal governments. It factors in unrealized savings from union negotiations -- good luck with that. The same is true of Mayor of Hartford Luke Bronin's budget, also sprinkled with fairy dust. Budgets in Connecticut have become campaign documents, not honest accounting balance sheets. Malloy's budget head-fakes are the equivalent of debasing the currency. Barnes should wait until Malloy's budget has been returned by the General Assembly and signed by his boss before he makes ANY projections.

Don Pesci

04/24/17 AT 08:49 AM
Malloy's budgets always have been filled with optimistic -- i.e. campaign ready -- but false revenue projections. This one depends upon such measures offered in Malloy's latest budget as -- shifting one quarter of pension liabilities to municipal governments. It factors in unrealized savings from union negotiations -- good luck with that. The same is true of Mayor of Hartford Luke Bronin's budget, also sprinkled with fairy dust. Budgets in Connecticut have become campaign documents, not honest accounting balance sheets. Malloy's budget head-fakes are the equivalent of debasing the currency. Barnes should wait until Malloy's budget has been returned by the General Assembly and signed by his boss before he makes ANY projections.
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