SFY03 Budget Revised: Part 1, Addressing the SFY02 Deficit and Adjusting SFY03 Revenues

This report, the first of a two-part report to summarize the revised SFY 03 budget, focuses on how Connecticut “closed” its SFY 02 deficit and generated the revenues (including millions of one-time revenues) to close the projected deficit in SFY 03. It summarizes the very modest changes made in Connecticut’s taxes (to generate new, on-going revenues) and the many one-time fund transfers and other budget gimmicks used. (27 pp.) A shorter summary report was also prepared, see “Ten Fast Facts.”