Despite an improving economy, Connecticut could be facing budget deficits of more than a billion dollars over the next three years.
That’s what members of the Appropriations, and Finance, Revenue and Bonding Committees were told last week by Governor Dannel Malloy’s budget office and the General Assembly’s non-partisan Office of Fiscal Analysis.
Deputy Budget Director Karen Buffkin put it this way: "Employment is increasing, our income is rising, retail sales are growing and the economy is one the rebound."
That was the good news. "However," Buffkin said, "adopting a balanced budget for this next year is going to be a significant challenge."
Buffkin pointed to the rising cost of Medicaid, debt service, state employee and retiree health care, and other obligations.
GOP leaders asked why this year’s 99.5 million dollar shortfall only came to light after Election Day. They said a special session should be called to deal with the problem.
But Buffkin agreed with OPM Secretary Ben Barnes and the governor’s office, who said that the current budget will ultimately be balanced.
Watch CT-N's footage below of the Joint Appropriations and Finance Committees Annual Fiscal Accountability Meeting.
WSHU Public Radio contributed to this report.
