This is a few days old, but still current.

Wyman Says Deficit Of $107.9 Million Likely To Increase, Urges Governor, Legislature to Use Portion of Rainy Day Fund

State Comptroller Nancy Wyman today projected the state will end the 2009 fiscal year with a deficit of $107.9 million, and cautioned that the budget gap will likely grow when the full impact of the current economic downturn is realized.

Wyman said that significant equity losses and rising unemployment have not been fully incorporated into the revenue-collection information used to make the current projection, which matches that of the governor’s budget office. A more accurate fiscal picture will develop in January, she said, when quarterly estimated income tax payments are posted and other revenue categories begin to reflect the economic slowdown.

Wyman noted that each one-percent drop in the income tax creates a revenue loss of approximately $75 million.

“While this projection accurately reflects the revenue collections through the first quarter of this fiscal year,” Wyman said, “it is clear that the recent economic trends are going to continue to have a very negative impact on the state’s books.”

Among those major trends are:

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