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
WYMAN PROJECTS $306.4 MILLION SURPLUS FOR 2006
Contact: Steve Jensen
860-702-3308

State Comptroller Nancy Wyman today projected the state will end the 2006 fiscal year with a budget surplus of $306.4 million.

The estimated surplus has risen by about $171 million in the last month, driven mostly by strong collection of income taxes related to taxpayers' investments in financial markets.

Also contributing to the surplus are:

Additionally, the state continues to see moderately strong growth in retail sales and in collections of the tax paid by corporations on their profits. Job growth, however, remains flat, and volatile energy prices could further dampen economic expansion.

"While the state economy remains relatively healthy, higher energy prices and rising interest rates are a potential threat to growth in the coming months, Wyman said.

Wyman noted that state government is already expecting to spend about $23.5 million more on energy costs this fiscal year than was originally budgeted.

The surplus estimate is based on an annual budget of $15.2 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
December 1, 2005

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