(CBS Connecticut) — State Comptroller Kevin Lembo is projecting a $300,000 surplus for the state for Fiscal Year 2015. It’s the first projection for the new fiscal year from the comptroller’s office.
Lembo says state spending is expected to increase by 2%, and revenues by 2.6%, but says those targets will be affected by changes in economic conditions. The 2.6% increase includes an extra $75 million in miscellaneous tax collections because of increased efforts by the Department of Revenue Services.
He says he expects to know later this week about the status of nearly a quarter of a billion dollars in federal reimbursements that the state had been expecting.
Lembo does point out that some recent encouraging economic news could help the state’s revenue picture in the new fiscal year– including a sixth straight month of job growth in July, improved home sales and a strong stock market.
Lembo expects to have final figures for the previous fiscal year by the end of the month.