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Leonard A. Fasano

Lembo Says State On Track For A $70.9 Million Deficit For Fiscal 2015

Lembo Says State On Track For A $70.9 Million Deficit For Fiscal 2015

Connecticut will likely end the 2015 fiscal year with a deficit of close to $80 million. That's the assessment of state Comptroller Kevin Lembo, who added that tax money tied to fiscal 2015 will continue to flow into the state's coffers through August and the final number won't be known until an audit of the state's finances is completed later this year.  In a letter sent to Gov. Dannel P. Malloy, Lembo lauded the administration's effort to manage the budget and keep spending growth to under 3 percent. The state saw a significant increase in the revenue generated by corporation taxes. The corporation tax is estimated to have grown 3.8 percent over last...

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