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 SAYS SURPLUS HOLDS STEADY AT $212.9 MILLION
Contact: Steve Jensen
860-702-3308/3301
Steven.Jensen@po.state.ct.us

State Comptroller Nancy Wyman today projected the state will end the 2007 fiscal year with a budget surplus of $212.9 million.

Wyman's estimate is unchanged from last month, and reflects what she described as modest economic growth.

The surplus is being driven mainly by the income tax, which is expected to bring in about $6.5 billion by the end of the fiscal year on June 30, 2007. Much of the surplus revenue is tied to capital gains payments made by investors in the financial markets.

"The double-digit performance of major equity markets over the past year has produced healthy returns for investors and robust capital gains tax payments to the state," Wyman said.

Retail sales grew by a strong 6.7 percent in August, Wyman said, but other major indicators such as the tax on corporate profits and the housing market continue to show signs of slowing.

Job growth for the year totals a modest 8,600 payroll positions, and the state lost a net of about 300 jobs in August.

The estimated $212.9 million surplus is based on a budget of $16.07 million for fiscal 2007. The state ended the 2006 fiscal year with a $940.5 million surplus.

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 1, 2006

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