Besides facing a projected deficit of $365 million in the current fiscal year, the state is facing another deficit of $1.18 billion in the next fiscal year, Gov. Dannel P. Malloy said Thursday morning.
The latest fiscal projections show that the deficits will continue in the “out years’’ of 2014-15 and 2015-16. The projected deficits in those years are $958 million and $907 million, based on the state’s current services. The “current services’’ designation is important because that is a projection that is based on a whole series of factors and assumptions, which include but are not limited to the size of the workforce, current salaries, and various inflation factors. As such, the legislature is able to “cut’’ the current services budget without making the size of overall budget go down from one year to the next.