HARTFORD, Conn. – Even though Gov. Dannel P. Malloy and the Connecticut General Assembly have struggled with successive years of tough budgets, the state's financial problems are far from over.
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Newly released reports highlight the hurdles they'll face when the regular legislative session convenes in January.
The Democratic governor's budget office estimates the new fiscal year, which begins July 1, will be about $1.3 billion in the red. Typically, the state's main spending account is roughly $18 billion.
The shortfall stems from a host of things, including payments due for teacher and state employee pensions. Malloy notes how previous governors underfunded those pension programs, helping create today's problem.
Scheduled debt payments and slower-than-anticipated revenues also pose challenges. Meanwhile, Connecticut still continues to recover from the economic recession that began in 2008.