STATE OF CONNECTICUT
THE STATE COMPTROLLER
|COMPTROLLER WYMAN PROJECTS 2005 SURPLUS OF $157.4 MILLION|
|Contact: Steve Jensen|
State Comptroller Nancy Wyman today projected the state will end the 2005 fiscal year with a net budget surplus of $157.4 million.
The surplus would have reached $777.2 million, but a series of appropriations by the General Assembly and the Governor reduce d that to the current estimate of $157.4 million.
Nearly $547 million of the original 2005 surplus has been earmarked to fund operating costs for fiscal years 2006 and 2007 - a practice that Wyman said could create significant fiscal problems in the future.
"Depending on surplus revenue to fund future budgets creates a dollar-for-dollar hole in those budgets," Wyman said. "The result of this funding gimmick is the potential for enormous budget deficits in the years ahead."
The non-partisan Office of Fiscal Analysis is projecting budget gaps of $642.7 million, $748.7 million, and $919.2 million in fiscal years 2008, 2009 and 2010 respectively.
The net 2005 surplus of $157.4 million will be deposited into the state's Rainy Day Fund. That will bring the emergency fund's balance to $459.6 million, or about 3.3 percent of net General Fund appropriations. Wyman has advocated for the emergency fund to contain at least 10 percent of those appropriations.
The 2005 fiscal year ended June 30, but the state continued 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 - email@example.com
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