Connecticut officials say state revenue is likely to be a little higher than projected over the next year, but that it will do little to help erase billions in red ink, The Associated Press reports.
Benjamin Barnes, Gov. Dannel P. Malloy’s budget director, says the $119 million increase for 2011-2012 revenue projections indicates a slowly recovering economy.
But he says it’s nowhere near enough to balance the state’s budget, which faces a $3.67 billion deficit starting July 1.
The new figures were issued Friday to update projections from October. They’ll be updated again in April.
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The largest increase in anticipated revenues comes from personal income tax collections, estimated to be $99 million higher than October’s projections.
