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 $674.1 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 $674.1 million.

The state budget recently approved by the General Assembly, however, calls for $546.8 million of the surplus to be spent over the next two fiscal years. The budget plan, pending the Governor's signature, would reduce the net surplus to $127.3 million.

Approximately $76 million of that amount will be deposited into the state's Rainy Day Fund. That would bring the fund's balance to $378.2 million, or just under three percent of net General Fund appropriations.

"It is disappointing that a larger portion of the surplus was not earmarked for the Rainy Day Fund," Wyman said. "I have long advocated for the fund to contain at least ten percent of General Fund appropriations to protect taxpayers against inevitable economic downturns."

Wyman's surplus estimate is up $35.8 million from last month, due mainly to the state paying less in tax refunds than was anticipated during May.

Connecticut added 500 payroll jobs in May, bringing the total for this fiscal year to 21,500 additional jobs. The state's unemployment rate, however, was 5.3 percent in May, which is above the national unemployment rate of 5.1 percent for the first time in recent history.

The 2005 fiscal year ended June 30, but the state continues to accrue certain revenues through August that will be included in the final surplus figure.

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
July 1, 2005

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