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Rainy Day Fund Will Cover Deficit, But Lamont Warns Of Spending Cuts

Danielle Wedderburn
/
WSHU
The Connecticut Capitol Building in Hartford

Governor Ned Lamont says Connecticut has the money to close a budget gap caused by the COVID-19 shutdown of the economy.

Lamont says Connecticut has a $2.7 billion rainy day fund. That’s enough to cover the state’s projected $934 million deficit for this fiscal year, which ends on June 30, and a $2.3 billion deficit for the 2021 fiscal year.

“Thank goodness we kept our rainy day fund intact. That’s going to help us power through the end of this fiscal year. It gave us enough flexibility in terms of putting off some of the tax revenues.”

Lamont says he’ll have to rein in spending and hold off on some tax cuts that had already been budgeted.

He says his administration is discussing further mitigation measures with state lawmakers. But he does not want to make cuts to state funding for cities and towns and social services.

Read the latest on WSHU’s coronavirus coverage here.

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As WSHU Public Radio’s award-winning senior political reporter, Ebong Udoma draws on his extensive tenure to delve deep into state politics during a major election year.
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