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Connecticut projected for $28 million deficit for Fiscal Year 2020

HARTFORD  — State Comptroller Kevin Lembo projected that the state is likely to end the Fiscal Year 2020 with a budget deficit of $28 million. Research fo...

HARTFORD  -- State Comptroller Kevin Lembo projected that the state is likely to end the Fiscal Year 2020 with a budget deficit of $28 million.

Research founded by the US Private Sector Job Quality Index shows a nationwide decline in job quality since 1990. The trend can be attributed to the increase in lower paying service jobs and the loss of higher paying good-producing jobs.

“Connecticut’s budget projections are a direct reflection of the performance of the national and state economies,” Lembo said. “In order to provide accurate forecasting and exercise the necessary fiscal discipline, our state must rely on the most valid and precise data possible  with regard to employment levels and quality. We must also stay the course in maintaining our approach to building the state’s Budget Reserve Fund (BRF) as a safety net against a future economic downturn until it reaches its statutory target of 15 percent of the state’s General Fund.”

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