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 2005 SURPLUS OF $417.8 MILLION
Contact: Steve Jensen
860-702-3308

State Comptroller Nancy Wyman today projected the state will end the 2005 fiscal year with a budget surplus of $417.8 million - an increase of more than $84 million over last month's estimate.

The main reason for the jump was the unexpected receipt of $58.7 million in payments of the inheritance and estate tax. Also adding to the projected increase was an anticipated savings of about $27 million in the budget of the state Department of Social Services by the end of the fiscal year on June 30.

Wyman said the state continues to see moderate, but erratic, economic growth. Payroll employment dropped by 3,400 jobs in January, but for the entire fiscal year has increased by 12,600 jobs.

"That is about half the rate of growth needed to achieve a full economic recovery," Wyman said. "While there are positive signs in the economy, I am concerned that rising interest rates and declining corporate profits may hinder growth in the second half of the fiscal year."

Wyman also cautioned that the 2005 budget includes about $382 million in "one-time," non-recurring revenues that the General Assembly will have to find from other sources next year. Without that one-time revenue, she said, the estimated surplus would be about $35 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
April 1, 2005

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