Comptroller says Conn deficit was $144 million

HARTFORD, Conn. (AP) — Connecticut's comptroller says the state closed the 2012 fiscal year with a $143.6 million budget deficit.

Kevin Lembo says state spending was up almost $937 million from 2011, or about 5.2 percent, while revenues increased 4.8 percent, falling $227 million short of the original budget's target.

He says the deficit has been wiped out using reserve funds, but warns the state will have to monitor things closely in 2013 to prevent more red ink.

The state has budgeted a 2.6 percent increase in spending, and is predicting a 3.1 percent increase in revenues in the current fiscal year. Lembo says those spending numbers are historically low and noted the state will need to take quick remedial action if actual outlays are above those numbers.