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State to end 2014 in the black

Ben Barnes (CTNJ file photo)
Ben Barnes (CTNJ file photo)

HARTFORD, Conn. – Just five days away from the end of the fiscal year, Connecticut is expected to end 2014 with a small $33.2 million surplus, according to the governor’s Office of Policy and Management.

In his monthly letter to state Comptroller Kevin Lembo, Budget Director Ben Barnes said the surplus number was reduced about $10 million from last month due to a drop in revenues.

Revenues were revised downward because the federal government did not reimburse the state for $65 million in services provided by the Departments of Mental Health and Addiction Services and Developmental Services.

“OPM and the agencies remain actively engaged with the federal government in resolving issues relating to claiming methodology and allowable costs,” Barnes wrote. “While we remain hopeful for resolution before the fiscal year ends, we have assumed for forecasting purposes that this revenue will be delayed until FY 2015 or, worst-case, not reimbursed by the federal government.”

See the complete story at CT News Junkie.

Comments

6 responses to “State to end 2014 in the black”

  1. John Hamlin

    And how much money was borrowed by the state during the year? And how many unfunded liabilities and other future obligations were incurred?

  2. piberman

    NON’s headline is a misleading “best guess” from Gov. office. We’ll not know the true figures for some months. Savvy readers know that the historic income tax hike has not been rescinded 5 years sfter the Great Recession nor public sector employment curtailed. Still an “F” rating for the Democrat Governor’s fiscal ability. Democrats can only be proud.

    Editor’s note: It is CT News Junkie’s headline. We don’t change the substance of their heads. We occasionally ad a local reference, but we don’t change their intent..

  3. Suzanne

    “Nonpartisan analysts are predicting the state will face a $1.278 billion deficit starting in fiscal year 2016.” CTNewsJunkie
    *
    Which makes this so-called surplus a gross misrepresentation of where the State of Connecticut stands fiscally.
    *
    Are they so insulated from the constituency in Hartford that they think we are stupid? That this report is in anyway feasible?
    *
    When I moved here, I heard a funny term: Corrupticut. I think lying outright to voters by cooking the numbers to reflect something that simply does not exist makes this an apt moniker.

  4. Joanne Romano

    This from November 2013- did a miracle happen and we are now growing money trees?

    Estimates show future budget deficits for state

    [This comment has been edited to leave the link and remove the copy because, well, red what was at the end of the article. You can excerpt — with attribution — an article from another publication, but you cannot copy and paste the whole story.]

    Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

    Here’s an article that should hi-lite where CT ranks economically

    http://www.forbes.com/sites/jimpowell/2013/08/01/how-did-rich-connecticut-morph-into-one-of-americas-worst-performing-economies/

  5. M. Murray’s

    Common Core math

  6. Suzanne

    Ms. Romano, Thank you for the link to the Forbes article. It is excellent.

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