NEW YORK, Feb 20 (Reuters) - Connecticut Governor Jodi Rell on Friday said her budget office has increased its estimate for the state’s deficit for the current fiscal year to about $944 million, up about $22 million from a month ago.
Rell’s Office of Policy and Management, which is her budget office, pointed to an overall drop in tax collections of more than $73 million as a key reason for the widening of the deficit.
Rell said that the decrease in sales and real estate tax collections will cause a decline in revenue of about $150 million over the next two years.
On Thursday, the governor proposed a further round of spending and other cost reduction measures to shrink the state’s deficit for the year to June 30 by $1.1 billion. For more details, see [ID:nN19384075] (Reporting by Tom Ryan; editing by Gary Crosse)