The state’s latest calculation of its budget deficit for the fiscal year that ends in June is $31.6 million, Comptroller Kevin Lembo announced.
That’s down from a projection of $44.8 million a month ago, due to a decrease is general fund spending, Lembo said. The state has saved $65 million on its debt service payments because of low interest rates. But that has been partially offset by a $40 million shortfall in the state’s Medicaid program.
Lembo’s projection uses a consensus revenue forecast issued by the Office of Fiscal Analysis and the Office of Policy Management in November. OFA and OPM are expected to update their estimates later this month, Lembo said.
