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

COMPTROLLER WYMAN SAYS SURPLUS JUMPS TO $627.3 MILLION
Contact: Steve Jensen
860-702-3308/3301
Steven.Jensen@po.state.ct.us

Note: Comptroller Wyman is not available for comment today

State Comptroller Nancy Wyman today projected the state will end the 2007 fiscal year with a budget surplus of $627.3 million.

Wyman's estimate grew by $39 million over the last month, due mainly to increases in collection of the tax on corporate profits. Revenue from the tax has grown by 11.3 percent over last year - the largest percentage gain of any major tax category.

The income tax also continues to outperform expectations, growing by 7.6 percent over last year. Those gains are offsetting decreases in collections of the sales tax and the tax on real estate transactions.

"With the exception of the housing market, Connecticut's economy is relatively strong," Wyman said.

Recent jumps in employment growth continued in March, with the state adding another 1,500 jobs for a total gain of more than 13,000 for the fiscal year, which ends June 30.

Wyman's overall surplus projection is based on an annual state budget of $16.07 billion.

Wyman is proposing using $100 million of the current surplus, as well as 10 percent of any future budget surpluses, to address the $21 billion liability in the state's retiree health care account.

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
May 1, 2007

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