HARTFORD, Conn. (CBSNewYork) – Connecticut’s budget chief has forecast a half-billion dollar hit to projected revenues over the next two years.
Connecticut’s new fiscal year, which begins on July 1, will bring a two-year budget that’s $500 million short of expectations.
Lower than anticipated revenue is to blame, according to Office of Policy and Management Secretary Benjamin Barnes.
LINK: Conn. FY 2014-2015 Budget Highlights (pdf)
Gov. Dannel Malloy addressed the projected shortfall on Tuesday evening before a town meeting in Norwalk.