Comptroller: State Surplus Grows

(Hartford, Conn./CBS Connecticut) – Connecticut’s budget surplus for the current fiscal year continues to grow.

According to state Comptroller Kevin Lembo, Connecticut is poised to end FY 2014 with a surplus of $504.9 million.

Lembo, in a letter to Governor Dannel Malloy, said it’s a slight increase of approximately $500,000 over last month’s estimate.

The comptroller says this month is key for revenue collection, accounting for nearly 17 percent of total annual General Fund revenue.

General Fund revenue for 2014 is pegged at $421.2 million, the largest gain being in the income tax, Lembo said.

Lembo said if the legislature passes Malloy’s budget plan, an additional $279.9 million would be earmarked for the budget reserve, or “rainy day” fund, bringing that total to just over $550 million.

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Connecticut

Ski Card
WTIC Holiday Stores 2016

Listen Live