Though Gov. Ned Lamont’s administration projects a whopping $2.1 billion deficit for the new fiscal year, which began July 1, that is based partly on pessimistic stock market projections from April that — at least so far — haven’t come to pass. Some legislators want to crack open the state’s record-setting $3 billion rainy day fund, which Lamont has been loathe to do. Others fear the governor will pursue emergency spending cuts amidst the pandemic — which also hasn’t happened yet. Three months ago, administration officials warned state government would finish the 2020-21 fiscal year with an empty reserve and $500 million in operating debt — unless it cut spending and increased revenues. Now it expects to wrap the year with more than $900 million still in the bank — and that’s assuming Congress doesn’t grant any additional pandemic relief to states.
https://www.hartfordbusiness.com/article/new-ct-budget-is-21-b-in-the-red-but-all-may-not-be-gloom-and-doom