STATE OF CONNECTICUT
THE STATE COMPTROLLER
|WYMAN PROJECTS $327.8 MILLION SURPLUS FOR 2006|
|Contact: Steve Jensen|
State Comptroller Nancy Wyman today projected the state will end the 2006 fiscal year with a budget surplus of $327.8 million.
The estimated surplus has risen by $21.4 million in the last month, driven mostly by strong collection of income taxes related to taxpayers' investments in financial markets. Since the start of the 2006 fiscal year in July, the income tax has brought in more than $214 million over original estimates.
Revenues were also higher than expected in several other categories, including the tax paid by oil companies on their profits, the real estate conveyance tax tied to the state's housing market, and the inheritance tax.
Wyman noted, however, that higher energy prices and rising interest rates could inhibit economic expansion in the coming months, and she urged restraint in handling the surplus.
"While this moderate growth is encouraging, I believe state government should make a commitment to save the surplus in the Rainy Day Fund - not spend it," Wyman said.
The Rainy Day Fund's current balance of $605.6 million represents 4.3 percent of annual General Fund appropriations. Wyman has advocated for the emergency fund to contain at least 10 percent of appropriations.
The surplus estimate is based on an annual budget of $15.2 billion.
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 - firstname.lastname@example.org
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