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Governor Lamont Statement on January 2024 Consensus Revenue Forecast
(HARTFORD, CT) – Governor Ned Lamont released the following statement in response to the January 2024 consensus revenue forecast, which was jointly issued today by the Office of Policy and Management and the Office of Fiscal Analysis:
“Connecticut remains on solid financial footing, particularly when you look at other states, several of which are facing deficits. Our state’s fiscal guardrails have been essential to protecting core state services while paying down our unfunded liabilities and delivering the largest income tax cut in state history, which took effect two weeks ago. We continue to carefully monitor higher-than-anticipated expenditures and the expiration of federal COVID relief funding. Any midterm budget adjustments I present will protect both that tax reduction and the recent increase in the Earned Income Tax Credit.”
“Connecticut remains on solid financial footing, particularly when you look at other states, several of which are facing deficits. Our state’s fiscal guardrails have been essential to protecting core state services while paying down our unfunded liabilities and delivering the largest income tax cut in state history, which took effect two weeks ago. We continue to carefully monitor higher-than-anticipated expenditures and the expiration of federal COVID relief funding. Any midterm budget adjustments I present will protect both that tax reduction and the recent increase in the Earned Income Tax Credit.”
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