Comptroller: Connecticut to end year with $316M deficit

-FILE- Connecticut State Capitol (WTNH)

HARTFORD, Conn. (AP) — State Comptroller Kevin Lembo says it appears Connecticut will close its books for the fiscal year with a nearly $316 million deficit.

Lembo’s announcement Friday echoes an estimate previously released by the governor’s Office of Policy and Management.

He also says the deficit figure for the fiscal year that ended Thursday could be adjusted. He’ll release a final unaudited report on Sept. 30 and a final audited report by Dec. 31.

OPM Secretary Ben Barnes has said the state will spend much of its rainy day fund to offset the shortfall. That would leave less than $100 million in the state’s reserve account, a situation that prompted concerns this week from Moody’s credit rating agency.

Lembo said the state’s housing market and household spending are bright spots in Connecticut’s economy.

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