Fiscal Accountability Report
to the Appropriations and Finance Committees
as required by C.G.S. 2-36b
November 15, 2010
OFFICE OF FISCAL ANALYSIS
Room 5200, Legislative Office Building
Hartford, CT 06106 ● (860) 240-0200
E-Mail: ofa@cga.ct.gov
www.cga.ct.gov/ofa
Section 1: FY 11 – FY 14 Budget Estimates and Assumptions for
Appropriated Funds
Summary
General Fund We are currently projecting an $83.0 million deficit for the current year, FY 11. Although estimated net revenues have improved by $267.4 million since the year began, these are more than outweighed by an additional $350.6 million in additional estimated expenditures or unrealized budget reductions.
We continue to project significant deficits in the out-years (FY 12 – FY 14) ranging from $3.31 billion to $3.67 billion or 15.4% to 18.3% of estimated spending requirements. The deficits increase significantly in the out-years as the one-time infusions (about $2.4 billion in FY 11) of federal stimulus, rainy day funds, economic recovery revenue bonds, surplus funds, and elimination of a corporation tax surcharge are no longer available.
($ - millions) FY 11 FY 12 FY 13 FY 14
Est. Expenditures $ 18,017.8 $ 20,065.9 $ 20,741.4 $ 21,539.6
Est. Revenue 17,934.8 6,392.6 17,254.8 18,221.8
Est. (Deficit)/Surplus ($83.0) ($3,673.3) ($3,486.6) ($3,317.8)
% of Est. Expenditures 0.5% 18.3% 16.8% 15.4%
http://www.ctmirror.org/sites/default/files/documents/OFA_Nov%2015%202010%20report2.pdf
