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 $240.1 MILLION BUDGET SURPLUS FOR 2000
Says Connecticut's Economy Producing Surprisingly Strong Revenues
Contact: Steve Jensen
860-702-3308/3301

State Comptroller Nancy Wyman today said that healthy income and sales tax revenues produced by a surprisingly strong economy will result in a $240.1 million budget surplus at the end of the 2000 fiscal year.

Wyman's latest projection is an increase of almost $113 million over last month's estimate. The increase is attributable to a revised assessment of how Connecticut''s economy will perform through the rest of the fiscal year, which ends June 30.

"There were indications earlier in the year that the economy would expand more slowly in the short-term, but those concerns have all but diminished," Wyman said.

"It seems likely that we will continue to see solid economic growth that will result in rising revenues in the second half of the fiscal year."

The income tax is expected to generate $125.4 million more than budgeted. The sales tax is expected to close the year $31.4 million over budget. Total revenues from the two taxes are predicted to exceed $7 billion.

Wyman noted that the estimated surplus has been impacted by over $200 million in tax cuts, which lowered overall tax revenues this fiscal year.

Wyman again cautioned that state spending is projected to exceed budget appropriations. The overspending will amount to almost $136 million, which Wyman said comes close to exceeding the spending cap limit for the third straight year.

Of the amount the state is expected to overspend, $66.2 million will come from state agency deficiencies. The next largest amount, $63.8 million, comes from lower than anticipated budget savings.

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
Date: February 1, 2000

Back to Comptroller's Home Page
Back to Index of Comptroller's Press Releases