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 $29.1 MILLION SURPLUS FOR 2006, SAYS RISING FUEL COSTS COULD WEAKEN ECONOMY
Contact: Steve Jensen
860-702-3308

State Comptroller Nancy Wyman today projected the state will end the 2006 fiscal year with a $29.1 million surplus.

The estimated surplus is almost entirely attributed to the recent spike in fuel prices, which create higher collection of tax revenue from oil companies. But those rising prices also are dampening the outlook for the state's overall economy.

"Those prices may be bad news for Connecticut's economy if they continue to strain the resources of the consumer, businesses and state government," Wyman said. "The cost of energy combined with rising interest rates could jeopardize the pace of economic growth in the coming months."

The tax on oil company receipts is expected to generate about $172 million in state revenue by the time the fiscal year ends on June 30, 2006. That is about $40 million higher than original estimates.

Despite the rise in fuel costs, Wyman said Connecticut's overall economy currently remains sound. The state added 1,600 jobs in August, and corporate profits grew by a solid 6 percent over the last fiscal quarter.

Retail sales in August grew by nearly 8 percent from the same time last year, and the major equity indexes showed modest growth for the fiscal quarter that ended Sept. 30.

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
October 3, 2005

Back to Comptroller's Home Page
Back to Index of Comptroller's Press Releases