HARTFORD, Connecticut — State Comptroller Kevin Lembo says Connecticut is on pace to end the 2015 fiscal year with a $115.7 million deficit.
The state's 2016 fiscal year began Wednesday.
Lembo said the final deficit figure for the 2015 fiscal year will be determined later this year, after the state's finances are audited. He said the projection "will undoubtedly undergo further adjustment as accounting corrections continue to be posted after June 30."
Any remaining deficit will be covered by the state's Budget Reserve Fund. The Office of Policy and Management, the governor's budget office, estimates the so-called Rainy Day Fund currently has $519.7 million.
Gov. Dannel P. Malloy made three rounds of mid-year budget cuts to try and eliminate the deficit. In April, he said it was premature to consider tapping reserves.