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 CORPORATE PROFITS DRIVE SURPLUS TO $542.2 MILLION
Contact: Steve Jensen
860-702-3308/3301
Steven.Jensen@po.state.ct.us

State Comptroller Nancy Wyman today said strong fiscal performance of the state's businesses has increased the projected 2007 budget surplus to $542.2 million - a $10 million rise since last month.

The increase is mainly attributed to higher-than-expected revenue from the tax that corporations pay on their profits. The tax, a barometer of corporate performance, is expected to bring in more than $800 million by the end of the fiscal year on June 30, or about $110 million more than original estimates.

State businesses are part of a nationwide upswing that has seen corporate profits grow by 30 percent in recent months.

"The continued strength of revenue from the corporation tax is a very encouraging sign for the state's business community," Wyman said. "I am hopeful that it also will accelerate the rate of job creation in the coming months."

Connecticut added about 1,200 jobs in December. That brought the total gain for the fiscal year so far to about 7,600 positions, or about 3,000 more than were created in the same period last year.

Wyman's overall surplus projection is $34.4 million higher than that of the Governor's budget office. It is based on an annual state budget of $16.07 billion. 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
February 1, 2007

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