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Malloy to cut budget by $103 million in wake of stock losses

HARTFORD, Conn. (AP) Gov. Dannel P. Malloy's office has announced the administration will make $102 million in new cuts to the state's $20 billion budget.

Benjamin Barnes, secretary of the Office of Policy and Management, says recent losses in the stock market have cut into anticipated state income and corporate tax revenue, making the cutbacks necessary.

The 2015-16 budget anticipated a 7.1 percent growth in state revenues, but Barnes says the administration now believes that figure will be closer to 4.4 percent.

The governor is ordering $99.2 million in cuts to Executive Branch agencies. He is also asking legislative leaders to reduce spending in that branch by $420,000 and is asking the Judicial Branch to reduce spending by $3.1 million.

The administration says it is not planning any job cuts.


$1.6 million from the Connecticut State University system and $194,000 from the Transform CSU plan were cut.  The CSU system includes Western Connecticut State University.  $1.6 million from the 12 Community Colleges was also cut.

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