I guess that’s a good way to put it… after all, chasms are deep! This one is over $900 million deep.
Whatever people may think about Mrs. Rell, it doesn’t look like she’s one to candy-coat things. From the Republican-American:
“It is grim and it is getting grimmer,” Rell said.
On Jan. 1, State Comptroller Nancy Wyman reported the adopted $18.4 billion budget was running a $343 million deficit.
Wyman will upgrade her official estimate on Feb. 1 based on the latest figures from the governor’s budget office.
Robert L. Genuario, the governor’s budget director, said income tax collections are $665 million below projections.
Rell and the legislature budgeted more than $7.6 billion in income tax revenues this year.
Genuario also reported the revenues from the corporation tax are $100 million below projections and sales and use taxes are off $15 million.
The corporation tax is budgeted to raise $791.5 million this year and the sales and use tax is budgeted to raise $3.7 billion.
“The economic tempest that has already ravaged so much of the nation has now made landfall in Connecticut with all of its fury,” Rell said.
Please watch and pray for all those affected by layoffs, foreclosures, etc.
