HARTFORD, Conn. (AP) — State Comptroller Kevin Lembo says Connecticut is on track to close out the last fiscal year with a $107.2 million deficit.
In a letter released Monday to Democratic Gov. Dannel P. Malloy, the Democratic comptroller says Connecticut is expected to have $128.38 million left in its budget reserve fund after covering the red ink. Fiscal year 2017 ended on July 1.
The new two-year budget is projected to be $5 billion in deficit.
Lembo says “long-term planning must be a priority to prepare for ongoing uncertainties and developing trends,” referring to things like a potential stock market disruption and a statewide decline in population. He says Connecticut lost 8,278 residents between July 1, 2015 and July 1, 2016; one of eight states to experience a population drop during that period.
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