Mini Surplus Projected For Last Fiscal Year

HARTFORD, Conn. (AP) _ Connecticut is poised to wrap up last fiscal year with a small surplus.

Gov. Dannel P. Malloy’s budget director, Ben Barnes, announced Thursday the state’s main spending account is projected to close with a $35.7 million surplus. That’s a $142.9 million improvement from last month, when it appeared the state was facing a $107.2 million shortfall.

Barnes says the projected surplus is due to “successfully implemented austerity measures” and strong year-end performance by several taxes, including the estate and inheritance tax and the corporation tax.

The improved revenue means Connecticut won’t have to raid its budget reserve account to balance the state’s books. The so-called rainy day fund will now have a balance of $271.3 million, but that figure could change.

There’s still no deal on a new two-year budget.

 

(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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

Download the ALL NEW RADIO.COM App
CBS Hartford 4 Charity
Updates From UCONN Country

Listen Live