Sept 4 Connecticut ended fiscal 2012 with a
nearly $143 million deficit, as extra spending on social
services helped push expenditures up 5.2 percent over the
previous budget, the state comptroller said on Tue sday.
General fund revenue climbed only 4.8 percent, which was
$227 million below the original target, Comptroller Kevin Lembo
said in a statement.
The final deficit figure for the year ended June 30 was
slightly bigger than the forecast $120 million budget hole that
was issued on Aug. 1. The 2012 deficit is being closed with
general fund reserves.
In fiscal 2013, spending is expected to rise 2.6 percent,
with revenue increasing 3.1 percent.
"This rate of (spending) increase is historically low and
will require careful monitoring and swift remedial action if
outlays trend higher," Lembo said.
Although many U.S. states have seen revenues revive since
the last recession, the National Conference of State
Legislatures in August said year-end balances as a percentage of
general fund spending, at just 0.1 percent to 4.9 percent, are
projected in nearly a quarter of the states.