State Budget Relies on $180 M in Tax Receipts Beyond Projections  Money

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State Budget Relies on $180 M in Tax Receipts Beyond Projections Money

By Keith M. Phaneuf |

Connecticut legislators and governors banned what critics called “wishful budgeting” nearly a decade ago. 

After Gov. M. Jodi Rell proposed a budget in 2009 that massively downplayed the coming recession — and was an unprecedented $2.7 billion out of balance, according to one report — lawmakers overhauled the budget-making process. 

Simply put, if analysts weren’t ready to project revenue growth in writing, elected officials couldn’t gamble and spend it anyway. 

But that was then. 

The new $43.4 billion, two-year plan awaiting Gov. Ned Lamont’s signature assumes $180 million in income tax receipts that neither Lamont’s analysts — nor the legislature’s — projected in their last joint forecast. 

And while Democratic legislative leaders are defending the move, citing initial signs of new economic growth, Republicans say this is exactly the type of reckless fiscal gimmick the Democratic governor had vowed to avoid…TO READ MORE CLICK HERE

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July 22, 2019

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