OPM, OFA say state tax revenue is about $50 million below budget

The state Office of Policy and Management and the legislative Office of Fiscal Analysis today issued consensus revenue estimates that show state tax revenue is running approximately $52.7 million behind what was anticipated when the budget was passed in last spring.

OPM Secretary Ben Barnes said the estimates for fiscal year 2012-13 are "not surprising given the continued sluggishness of the national economic recovery."

Barnes said the figures will be the basis for the fiscal accountability report due Thursday.

State law directs the OPM secretary and the OFA director to agree on and issue consensus revenue estimates annually by Nov. 10 and to issue any revisions on Jan. 15 and April 30.

The full estimates are available at the OPM website at http://www.ct.gov/opm/cwp/view.asp?a=2965&q=459726.