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Connecticut ends FY 2012 with $143 mln deficit - comptroller
September 4, 2012 / 5:50 PM / in 5 years

Connecticut ends FY 2012 with $143 mln deficit - comptroller

Sept 4 (Reuters) - 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.

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