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 $333.4 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 $333.4 million - a $20 million increase from last month.

Strong revenues from the income tax in January accounted for the jump, Wyman said. The payroll-withholding portion of income tax is growing at a six-percent rate, Wyman said, while the portion related to capital gains is growing by an estimated 12 percent.

Overall, the income tax is expected to bring in about $239 million over original expectations by the time the 2005 fiscal year ends June 30.

"The combination of steady, moderate growth in jobs and in the performance of the financial markets is translating into stronger revenues for the state," Wyman said.

The state gained about 600 jobs in December, bringing total job growth for the fiscal year to 5,300. Unemployment dropped slightly to 4.3 percent. Retail sales were up 7.2 percent over the same time last year.

Wyman cautioned, however, 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.

Wyman also announced that she has deposited the fiscal 2004 surplus of $302.2 million into the state's Rainy Day Fund - the first deposit since the fund was drained of its $590 million balance to deal with a deficit in 2002.

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
March 1, 2005

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