Connecticut tax revenue is $52.7 million behind what was anticipated when the state budget passed in 2011, according to estimates issued Friday by Office of Policy & Management and the Office of Fiscal Analysis.
The poor revenue performance is “not surprising given the continued sluggishness of the national economic recovery,” said OPM Secretary Ben Barnes in the release.
Connecticut Comptroller Kevin Lembo said in October that the state is on track to end fiscal 2013 with a $26.9-million deficit because of the poor performing tax revenue and government spending.
OPM will issue another revenue update in January ahead of the new two-year state budget Gov. Dannel P. Malloy will unveil in February.
Malloy will not raise taxes to cover the shortfall, and instead force the government to run more efficiently, Barnes said.
“The Governor intends to do whatever is necessary – including potentially painful cuts in state spending — to ensure that the budget is balanced and that we are living within our means,” Barnes said.
