Revenue

Consensus Revenue

Public Act 09-214 requires the Office of Policy and Management (OPM) and the Office of Fiscal Analysis (OFA) to agree on and issue consensus revenue estimates each year by October 15 and to issue any necessary consensus revisions of those estimates in January and April. The estimates must cover the current biennium and the three following years. If the offices cannot agree on consensus estimates, then Office of the State Comptroller (OSC) must issue consensus estimates based on the separate estimates produced by OPM and OFA. The Comptroller's estimates must equal one of the separate estimates or fall in between the two. These statements of estimated revenue are itemized by major source, for each appropriated fund. The statement of estimated revenue applicable to each such fund includes, for any fiscal year, an estimate of total revenue with respect to such fund, which amount shall be reduced by (1) an estimate of total refunds of taxes to be paid from such revenue in accordance with the authorization in CGS12-39f, and (2) an estimate of total refunds of payments to be paid from such revenue in accordance with the provisions of CGS 4-37.

Connecticut Tax Expenditure Reports

The Office of Fiscal Analysis (OFA) prepares the Tax Expenditure Report, pursuant to CGS 12-7b, on a biennial basis. The term "tax expenditure" may appear to be a contradiction. "Tax" means money coming into the government; "expenditure" means money going out. How can money be coming in and going out at the same time? With a tax expenditure, the money does not come in and go out again: it does not come in at all. The reason it does not come in is that the law has provided for an exemption, deduction, credit, preferential or lesser rate, or other mechanism that lowers the amount of tax revenue that would otherwise be collected.

Connecticut Revenue and Budget Data

The Office of Fiscal Analysis (OFA) prepares the Connecticut Revenue and Budget Data document to be a reference tool for legislators interested in putting the state's revenue and budget picture into historical perspective. Twenty years or more years of data on major state taxes, and some of the basic expenditure items most often asked for by state legislators is provided. Similar information is included for municipal finances. A section covering a number of important issues and major state and municipal programs or funds of interest to legislators is also provided.