STATE OF CONNECTICUT
THE STATE COMPTROLLER
|WYMAN PROJECTS $413.4 MILLION BUDGET SURPLUS
Comptroller Says State's Economy Continues to Roll
|Contact: Steve Jensen|
State Comptroller Nancy Wyman said today that Connecticut's continued strong economy will produce a $413.4 million budget surplus by the end of the 2000 fiscal year.
Wyman's projection increased $142.9 million over last month's estimate. She attributed the rise to stronger-than-expected economic growth and a delay in the mailing of more than $120 million in income tax payments sent to the state in late April and early May.
"Surplus projections are based in large part on actual monthly receipts of revenue," Wyman said. "The delay by the Post Office in delivering the income tax payments caused the April receipts to appear artificially low."
Higher tax revenues also are being produced by economic expansion that continues to exceed expectations, Wyman said. Connecticut has the second-lowest unemployment rate in the country, is creating an average of 2,000 new jobs every month and is experiencing wage and salary growth of more than five percent.
The state income tax will bring in more than $240 million over original estimates, Wyman said, and sales tax revenues are estimated to be about $61 million higher than expected. Combined, the two taxes will produce more than $7 billion in revenue by the end of the fiscal year on June 30.
"Consumer spending fueled by stock market gains has been a major factor in the growth of Connecticut's economy," Wyman said. "But continued volatility in the financial markets could weaken the economy and greatly reduce these revenues in the future."
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 - firstname.lastname@example.org
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|For Immediate Release|
|June 1, 2000|
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