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 $202.2 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 $202.2 million - a $16 million rise from last month.

The biggest gain in revenue was a $15 million jump in collections of the tax that corporations pay on their profits.

"That's a very strong gain in a crucial area of the state's economy," Wyman said. "Hopefully the growth will continue and allow corporations to do more hiring this year."

Job growth in Connecticut has improved recently, Wyman said, but the overall state economy remains sluggish. For the fiscal year that began last July 1, the state has added about 4,300 jobs.

"We need to see four or five times that much growth to declare this a stable, healthy economy," Wyman said.

The projected surplus has risen steadily in recent months, driven mainly by improving performance of financial markets that have produced significant capital gains payments to the state from investors. The state's housing market also remains strong, Wyman said.

Retail sales figures for the holiday season are not yet available, but November sales were flat. The projected collection of sales tax for the year is down about $10 million from original estimates.

NOTE: Comptroller Wyman is unavailable for comment today.

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
January 3, 2005

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