Seal of the  State of Connecticut, Office of the State Comptroller

STATE OF CONNECTICUT

NANCY WYMAN
COMPTROLLER

OFFICE OF THE STATE COMPTROLLER
55 ELM STREET
HARTFORD, CONNECTICUT 06106-1775

MARK OJAKIAN
DEPUTY COMPTROLLER
WYMAN PROJECTS $516.2 MILLION SURPLUS
Comptroller Says Economy Continues to Roll
Contact: Steve Jensen
860-702-3308

State Comptroller Nancy Wyman today projected the state will end the 2000 fiscal year with a budget surplus of $516.2 million.

Wyman's projection is about $46 million higher than last month's, due to moderately higher-than-expected revenues and minor increases in budget savings. She said the revenues are being produced by consumer spending and other economic activity that continues to exceed expectations.

Combined, the income tax and sales tax will produce more than $7.3 billion, or nearly $347 million over original estimates.

"While there are some sporadic signs of slower economic growth nationwide and in Connecticut, these healthy revenues show that our state's economy is fundamentally sound," Wyman said.

The projected $516.2 million surplus has been reduced by legislative appropriations of $196.4 million of surplus funds, and a mandated deposit of $35 million of the surplus into the state's emergency "rainy day fund." The remaining surplus of $284.9 million will be used to fund various school construction projects.

Wyman noted that although the 2000 fiscal year ended June 30, state accounting practices accrue major revenues from July into the 2000 surplus projection. The final 2000 surplus figure will be released on August 31, and the first surplus estimate for the 2001 fiscal year will be made on September 1.

The State Comptroller appreciates input on this and other issues from residents of the state. Please feel free to contact her office by phone - (860) 702-3300; mail - OSC, 55 Elm Street, Hartford, CT 06106; or, via E-mail - osc.opinions@po.state.ct.us

Learn more about the Connecticut Comptroller's Office by calling up our Internet Home Page, at the link below.

For Immediate Release
August 1, 2000

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