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.

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