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Malloy budget office revises deficit to nearly $505 million

July 22, 2018 12:00 am • Last Updated: July 22, 2018 9:00 pm

HARTFORD — Connecticut Gov. Dannel P. Malloy's budget office is predicting last fiscal year will close out with a nearly $505 million deficit.

That's about a $96 million improvement from the Democratic administration's projection last month.

Office of Policy and Management Secretary Ben Barnes says the improvement is due to continued spending restraint combined with strong end-of-the year performance from several revenue sources. The last fiscal year ended on June 30.

The agency's latest projections were included in a letter from Barnes to Democratic State Comptroller Kevin Lembo, who earlier this month estimated the deficit will be $594.5 million.

Barnes says the administration's figure may change as accounting adjustments are made. The final results will be published in the fall. By law, the deficit will be covered by the state's Budget Reserve Fund.

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