The larger question is whether there is a state budget surplus or not. Since the Connecticut Legislature has failed to adopt GAAP, the fiscal standing of Connecticut is somewhat murky. Recently, in The Courant Rell was announcing a $500 miullion shortfalll projected for 2007/2008.
The state could have a budget deficit of at least $500 million in the 2007-08 fiscal year, which Gov. M. Jodi Rell said Friday could require some cuts in state services.
If spending continues at its current rate, state budget director Robert Genuario projects a deficit of $500 million to $700 million for the next fiscal year to provide the current level of services.
