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 $61.4 MILLION SURPLUS
Contact: Steve Jensen
860-702-3308

State Comptroller Nancy Wyman says a slight rise in spending that offset modest revenue gains in recent weeks has lowered her 2005 surplus projection to $61.4 million.

The $5.5 million dip in the estimated surplus from last month was due to higher expenditures by state agencies and other non-budgeted payments from the General Fund. That rise offset a small improvement in overall revenues, especially the income tax.

"The good news is that Connecticut's economy continues to improve," Wyman said. "But unfortunately, the growth is happening at a very slow pace."

The state has added about 800 jobs since the start of the 2005 fiscal year on July 1, Wyman said, and unemployment remains at a low 4.7 percent. Retail sales are up 6.5 percent in the same period, and housing activity continues to show double-digit growth.

Stock prices, however, have trended downward recently and were lower overall for the fiscal quarter that ended in September.

The $61.4 million surplus projection is based on an overall 2005 budget of $14.3 billion.

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
November 1, 2004

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