Fi$cal year ends in the red. Hello Rainy Day Fund.

kevinThe fiscal year that ended at midnight Tuesday was $115.7-million in the red, state Comptroller Kevin Lembo (left) announced Wednesday, warning that the books on 2015 won’t be completed until later this year. The deficit decreased by more than $49 million over last month because of increased revenue collections, mostly in corporate taxes.

“These projections will undoubtedly undergo further adjustment as accounting corrections continue to be posted after June 30 and revenue and expenditure accruals are processed,” Lembo said in a letter to Gov. Dannel P. Malloy. “Any remaining General Fund deficit for Fiscal Year 2015 will be eliminated through a transfer from the Budget Reserve Fund. While some revenue categories have exceeded expectations – such as the corporations tax – overall economic growth has remained relatively stagnant. The recovery from the last recession has been slower and more gradual than we need, and unlike any other we’ve experienced.”