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WYMAN PROJECTS 1999 YEAR-END SURPLUS AT $19.9MILLION

Contact: Steve Jensen
860-702-3308/3301

State Comptroller Nancy Wyman today issued a preliminary projection of a $19.9 million year-end budget surplus for fiscal year 1999, cautioning that it is still too early to gauge the long-term effects of an apparent economic slowdown.

The state ended the 1998 fiscal year on June 30 with a surplus of $312.9 million. The $19.9 million surplus projected for 1999 is based on estimates included in the legislature's current budget plan.

Wyman questioned the credibility of the Governor's recent prediction of a $117.4 million for 1999, saying that there is insufficient data available to make such an optimistic forecast.

"There are already signs that economic growth in the next year will be slower than last year," Wyman said. "Therefore, I believe there is little reason at this time to deviate from the projections in the current budget. I think the Governor's numbers are based more on political hope than economic reality."

For Immediate Release
September 1, 1998

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