STATE OF CONNECTICUT
THE STATE COMPTROLLER
|COMPTROLLER WYMAN SAYS SURPLUS DIPS TO $66.9 MILLION|
|Contact: Steve Jensen|
State Comptroller Nancy Wyman today said the estimated 2005 budget surplus has dipped slightly to $66.9 million.
Slightly higher spending by state agencies offset modest revenue gains in recent weeks, resulting in an $8.4 million drop in the surplus projection. The budget for fiscal 2005 is $14.3 billion.
While overall revenues remain relatively steady, the state made a significant change last month in projections of revenue generated by the sale of unclaimed funds that have reverted to the state.
The sale was expected to generate $50 million, but actually will bring in $88 million. That $38 million boost prompted the state to drop its plan to borrow $40 million against the value of future sales of similar unclaimed funds.
"While this is good fiscal news for the current year, I urge the Governor and the Legislature to remember that this $88 million is a one-time windfall," Wyman said. "The downside is that it creates an $88 million hole that must be filled to balance next year's budget."
Connecticut's economy continues to gradually improve, Wyman said, and has added about 2,500 jobs since August 2003. Retail sales in the same time period are up nearly five percent, and revenue from the sales tax exceeded expectations by $11 million in the last month.
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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