Chickens Coming Home to Roost as Connecticut State Budget Deficit Skyrockets

13 Comments

Yesterday Connecticut had a $60 million state budget.  Today the deficit is headed toward $300 million and counting.

How is that possible?

Let’s just say that this is what happens when an administration passes a budget that doesn’t balance and then fails to tell the truth about what is happening with revenue and expenditures.

We’d have known about the dismal budget numbers earlier.  In fact, under the original law, they were supposed to be released on October 15th, but a quiet change pushed off the reporting date until November 10th, thereby ensuring that the information came to light after the election was over.

As usual, CT Mirror’s Keith Phaneuf has the details.

Read it through – a couple of times – and I’ll weigh in tomorrow to explain some of the behind the details tomorrow.

Ben Barnes, Malloy’s Budget Chief proves, once again, that he is a top contender for the – are you kidding me quote – when he told the CTMirror, that the lower revenues are, “not surprising given the continued sluggishness of the national economic recovery…OPM has stated repeatedly that revenues would be monitored carefully because of the slow economy.”

In the – can you believe their chutzpah department – look for the section in Phaneuf’ s story where he reports that Malloy’s budget office wrote that, “estimates that show state tax revenue is running approximately $52.7 million behind what was anticipated when the budget was passed … last Spring.”

OPM’s claim is, to put it mildly, a complete and utter lie.  As Phaneuf notes, “Technically, revenues for this year are $52.7 million below a consensus estimate prepared on April 30, 2012 — an estimate that was not included in the budget by the legislature’s Finance, Revenue & Bonding Committee,” or the budget approved by the legislature.

 

You can find CTMirror’s breaking story at:  http://www.ctmirror.org/story/18167/state-budget-deficit-explodes-governor-expected-prepare-deficit-mitigation-plan

  • http://www.facebook.com/profile.php?id=546847225 Kristen Lee Sixbey

    On a slightly related note, are CT Democrats vetting anyone to run against Malloy during the 2014 gubernatorial race? One of the great shames of my voting record is giving this tool my endorsement.

    • msavage

      Better yet, how about a Green candidate? Time to start wresting away the power from an increasingly corrupt two-party system.

      • LaurieLima

        I used to believe that with the development of technology the information we could now have would radically change things for the better. Unfortunately the only thing it really changes is our annoyance…the more we know the more there is to be annoyed about.

        • msavage

          I can absolutely sympathize with your frustration/annoyance. Sometimes, the more I learn, the more hopeless I feel. But I think the old maxim–“Knowledge is Power”– is still true. As much as I loathe social media such as Twitter and Facebook, and refuse to participate in them other than registering on Facebook so that I can comment on certain news sites, I think that they serve a positive role in certain ways. We get a glimpse into the unfiltered idiocy of certain unhinged far-right conservatives, for one thing. Seen any of the Tweets from Ted Nugent or Donald Trump post-election? The internet allows us to learn and mobilize. Look at the effects that just Jon’s site has had. Would the vote in Bridgeport have gone the way that it did without this site? And people with humanitarian, environmental and other concerns from around the world can share information and mobilize on other issues. Some analysts feel that social media played a significant role in the outcome of the presidential election. While I feel that Obama has significantly let down his constituents over the past four years, I think a Romney win would have spelled the end of democracy in the U.S. At least with Obama, there’s a slim chance that, with enough pressure from progressives all over the world, things will begin to change for the better. So my feeling–technology is both a blessing and a curse. Used correctly, though, I think it can contribute to a progressive movement that will result in a better life for regular folks not just in the U.S., but worldwide. But I still refuse to utilize Facebook or Twitter. :)

    • Jon Kantrowitz

      Don’t blame me – I voted for Lamont. But Democrats DO need an alternative to primary Malloy!

  • jschmidt2

    I’ve said it all along, a one party government doesn’t help. But the voters haven’t gotten the message. Democrats take them for granted so they don’t have to try hard to please the voter. Not saying the Republicans would do better, but they wouldn’t do worse. Ditch the busway, and the first 5 program. Bribing companies to stay while raising taxes on others makes no sense especially when the companies getting the subsidies don’t need them, or were staying anyway.

  • Linda174

    Malloy is a con artist and a shyster. I wouldn’t let him walk my dog.

    He is not worried about this deficit. He is hoping for a cabinet position under Obama. Just another half-governor more concerned about his poitical career than the people he was elected to serve.

    Good riddance!

  • JMC

    CT is a one-party Dem welfare state. It’s paradigm is California, and we are heading full speed for the same disaster CA is.

    • JMC

      Or Greece. My local rep. Mae Flexer, introduced in January of 2011 the latest Earned Income Tax Credit bill which resulted in $120 million of CT tax refunds to no/low income CT tax filers. It came in at 20% over projected cost, which was predictible to all but wunderkind Ben Barnes. Ms. Flexer neglected to mention this bill in any of her mailout literature, or anywhere else that I am aware of. She is a protegee of the same district’s Senate President Pro Tem Don Williams. But I got lots of mailouts since about her effort to create Jobs, Jobs, Jobs, blah, Jobs, yadda, blah. As well as from every other Dem Rep or Senator.

      Will any employer in his/her right mind believe that he/she can successfully operate a business in CT under this cognitive dissonance and hypocrisy? Some posters here, I know, will disagree with me even as they continue to support the same people and policies that are leading us down a very foreseeable path to ruin. In their votes Nov. 6th they again gave the same crew Carte Blanche to play Santa Claus, develop the irreversible permanent majority that is converting CT into a Banana Republic, and dispense unsustainable largesse from the public trough. With apologies to all genuine Banana Republics everywhere.

      • JMC

        Actually the Jan 2011 bill mentioned above was for fiscal 2011-2012. I assume some legislator introduced a new one with a new amount in Jan 2012 for fiscal 2012-2013. Maybe Jon or another poster can tell us the newer bill’s mover, its amount, and the action taken.

  • http://www.facebook.com/people/Rich-White/100000066062155 Rich White

    Cafero called this 18 months ago. The assumptions built into the 2013-14 budget led any rational man to conclude a $200 million deficit was the minimum. Now we have the Health Care mandates requiring funding in 13 months. Can’t reclaim the GAAP set aside-that’s already been done. Rainy day is gone. Wall street is threatening another bond rating debacle if Malloy tries to bond operating costs.

    Obama will raise taxes on the wealthy–Malloy can’t go there again.Is there a SEBAC layoff trigger in their contract? I believe there is.

  • RJEastHartford

    Start by cutting aids to wealthy municipalities and let them make the cuts in their bloated BOE budgets. Maybe Patrick Riccards of ConnCan is correct, let the charters manage the income stream for education.
    I am sure they can start pressing cost down, especially personnel costs. What is good for the cities when strapped for cash….the outcome should be much improved upon in nearby towns.