Lembo Warns Of Stock Market's Effect On State Budget

March 09, 2019 - 11:39 am

HARTFORD, Conn. (AP) - State Comptroller Kevin Lembo is warning about record-high household debt in Connecticut and the implications of a volatile stock market on state revenues.
The Democrat says the impact of federal tax changes and the stock market's negative performance in 2018 may have a ``substantial impact'' on tax collections for the balance of the current fiscal year, which ends June 30. Lembo's warning came in a recent letter to Democratic Gov. Ned Lamont.
Lembo says the April tax collection period ``will take on added significance for this year's final budget results,'' warning he may have to revise his projection that Connecticut will end the fiscal year with a $506.8 million surplus.
He notes American household debt has grown over 18 consecutive months, hitting a record of $13.54 trillion as of December.

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