Connecticut still faces billion-dollar budget deficits for 2022 through 2024

Excerpt from Yankee Institute article.

Despite increasing General Fund revenue by $2.52 billion over the next two years, Connecticut will still face billion-dollar budget deficits from 2022 through 2024, according to a budget report released by the Office of Fiscal Analysis.

The state’s Special Transportation Fund is expected to maintain surpluses through 2024, despite the legislature diverting $178 million from transportation in order to balance the budget. Revenue to the STF is expected to grow from $1.7 billion in 2020 to $2.2 billion in 2024.

The Lamont administration, however, argues that growing debt service payments will leave the STF in deficit and have pushed for a plan to institute tolls on Connecticut’s highways.

Lamont’s tolling plan was met with stiff public and legislative resistance and the governor is expected to release a new transportation plan in the coming months that will rely less heavily on tolls and incorporate loans from the federal government.

See the complete article from Yankee Institute online.