Lembo Reports State Revenue Surplus, Jobs Still Recovering
State Comptroller Kevin Lembo announced Monday that the State of Connecticut will likely end the 2013 fiscal year with a surplus of approximately $164.8 million.
Lembo says that the surplus is a result of a slower overall rate of general fund spending growth by the hand of the state.
The comptroller says that the surplus is positive news for the state right now, however, it could pose problems in the future. With surplus revenues based on unreliable revenue sources, Lembo says the state may not be able to count on these “one-time windfalls” in years to come.
“The slow rate of the economic recovery continues to present budget challenges,” Lembo said according to a press release Monday.
Meanwhile, the state continues to recover jobs lost in the recession.
Federal and state Departments of Labor are reporting that Connecticut has seen a net gain of 10,800 jobs over the last 12 months. Additionally, with job recovery 38 months underway, the state reports that Connecticut has recovered 57,500 jobs from the 121,200 non-farm jobs lost in the state between March 2008 and February 2010.
The Department of Labor says the strongest areas of growth are in leisure and hospitality, education and health services, and construction, whereas job markets in manufacturing, government, and financial activities continue to struggle.
As of April, Connecticut’s unemployment rate remained fixed at 8.0 percent, hovering above the national average of 7.5 percent that month.