The state comptroller says Connecticut is on track to close out the last fiscal year with a nearly $71 million budget deficit.Kevin Lembo said Monday the final deficit figure for the fiscal year that ended June 30 will be determined later this year after the state's financial books are audited and closed.
Lembo credited Democratic Gov. Dannel P. Malloy's administration with reducing the deficit through spending management. Malloy made three rounds of mid-year cuts to try and balance the state's budget. However, Lembo said there is a need to evaluate and address what he called persistently slow wage growth.
He said the "payroll-driven withholding portion of the income tax has failed to generate the anticipated gains."
Meanwhile, he said revenue from the state's corporation tax is expected to exceed estimates by nearly $108 million.
Information from The Associated Press was used in this report.
