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Local News

Projected State Surplus Grows

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Cash. Photo by WTIC's Matt Dwyer.

Cash. Photo by WTIC’s Matt Dwyer.

According to new numbers from the state comptroller, Connecticut’s surplus for the current fiscal year stands at almost $246-million.

Kevin Lembo says that is a larger surplus than previously estimated by the Office of Policy and Management.

“A number of things have gone on since that last projection was put out by the governor’s budget office,” Lembo said. “In particular, the tax amnesty program brought in about 140-million dollars more than had been targeted.”

The state also collected more money than expected from sales tax, corporation taxes, and the real estate conveyance tax.

Lembo says that could indicate an uptick in economic activity in Connecticut.

The current fiscal year runs through the end of June.

Other projections show the state facing possible deficits in future years.

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