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 RISES TO $166.9 MILLION BASED ON
MODEST UPSWING IN JOBS, INCOME TAX COLLECTION
Contact: Steve Jensen
860-702-3308/3301
Steven.Jensen@po.state.ct.us

State Comptroller Nancy Wyman today said the 2010 fiscal year will end with a projected budget surplus of $166.9 million, as jobs and tax revenue continue a modest upswing.

Wyman's surplus estimate is an increase of $61.9 million since last month. It is based mainly on an improvement in income tax receipts tied to the recent regain of 8,900 jobs from the 103,400 positions lost during the recession.

"We still have a very long way to go before we can call it a recovery, but the good news is that most experts were not expecting any job growth at all this year," Wyman said.

Income tax receipts have swung from being 6.3% below expectations in January to exceeding estimates by 2.7% through April. The sales tax also is showing signs of rebounding, although it remains below budgeted projections.

Wyman cautioned that a $500 million deficit that was projected for most of this fiscal year was mainly eliminated not by revenue gains, but by a deficit-mitigation measures that included federal stimulus dollars, deferral of payments to the state pension fund and one-time transfers of money from accounts including the Rainy Day Fund.

The current $166.9 million estimated surplus is based on a budget of $18.6 billion for the fiscal year that ends June 30.

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
June 1, 2010

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