STATE OF CONNECTICUT
THE STATE COMPTROLLER
WYMAN PROJECTS SURPLUS WILL CLIMB TO $566.9 MILLION
Comptroller Urges Surplus Be Used To Protect Against Tax Hikes
Contact: Steve Jensen 860-702-3308
State Comptroller Nancy Wyman today projected that the state will end the 2001 fiscal year with a budget surplus of $566.9 million - a moderate increase of about $28 million over last month's estimate.
Despite signs of a slowing economy, Wyman said revenues received by the state - especially the income tax - continue to exceed expectations. The income tax has contributed more than 70 percent of the surplus, and will bring in a total of about $4.7 billion this year.
"State government has been fortunate to maintain this high level of revenues even as the economy cools down," Wyman said. "But these signs of moderation should be a warning for government to use this surplus to avoid future tax increases on our citizens."
Wyman has proposed legislation calling for an increase in the amount of surplus funds that are deposited yearly into the state's emergency Rainy Day Fund. Her plan, designed to protect taxpayers against an economic slowdown, would deposit a projected additional $213 million of the current surplus into the fund, bringing its balance to about $777 million.
About $41 million of interest created by the Rainy Day Fund would be distributed to every city and town in the state as further protection against local tax hikes.
Wyman noted that the estimated surplus actually would reach nearly $705 million if not for government spending that is expected to be about $138 million over budget.
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 - firstname.lastname@example.org
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For Immediate Release
March 1, 2001
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