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 $617 MILLION SURPLUS FOR 2006
Contact: Steve Jensen
860-702-3308

State Comptroller Nancy Wyman today projected the state will end the 2006 fiscal year with a budget surplus of $617 million.

The estimated surplus - based on an annual budget of $15.2 billion - rose by about $79 million in the last month. The largest gains were of taxes collected on profits reported by oil companies and public service utilities.

Other major tax categories contributing to the surplus are the income taxes paid by investors in the financial markets, the real-estate conveyance tax and the inheritance tax.

Wymans projection is $40 million higher than that of the Governors budget office, but also anticipates an economic slowdown in the later stages of the fiscal year, which ends June 30.

"Although revenues are very strong at the moment, I am taking a more conservative view for the final quarter of the fiscal year," Wyman said. "This expected slowdown makes it even more important that this surplus be used to pay off debt and increase the Rainy Day Fund."

Connecticut lost approximately 400 payroll jobs in December, Wyman said, and net job growth for the fiscal year stands at about 5,000 jobs. That is far below the net 16,000 jobs that the state gained last fiscal year.

Signs of economic slowdown are also being seen in the rate of personal income growth and the housing market, Wyman said.

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, 2006

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