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

COMPTROLLER WYMAN PROJECTS $186.1 MILLION SURPLUS
Contact: Steve Jensen
860-702-3308

State Comptroller Nancy Wyman today said a jump in revenues from taxes on personal income and fuel sales has boosted her budget surplus estimate to $186.1 million.

Projected receipts of the income tax rose by about $100 million over the last month, Wyman said, while taxes paid by fuel oil companies brought in about $40 million more than expected.

Wyman said the income tax gains were mainly from payments made by investors on capital gains related to the recently improved performance of financial markets. The hike in collection of taxes paid by oil companies stems from higher fuel prices, which in turn produce an increase in those companies' taxable receipts.

"Unfortunately, these revenue gains are temporary windfalls that are not based on solid economic growth in Connecticut," Wyman said. "Our state economy remains very tentative."

Although unemployment is at a low 4.6 percent, the state has added a meager 1,400 jobs since the start of the 2005 fiscal year on July 1. The state typically added about 25,000 jobs annually during the robust growth years of the late 1990s.

Wyman's surplus projection of $186.1 million is based on an overall budget of $14.3 billion for the fiscal year that ends June 30, 2005. Her November estimate was $61.4 million.

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
December 1, 2004

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