STATE OF CONNECTICUT
THE STATE COMPTROLLER
|COMPTROLLER WYMAN PROJECTS $61.4 MILLION SURPLUS|
|Contact: Steve Jensen|
State Comptroller Nancy Wyman says a slight rise in spending that offset modest revenue gains in recent weeks has lowered her 2005 surplus projection to $61.4 million.
The $5.5 million dip in the estimated surplus from last month was due to higher expenditures by state agencies and other non-budgeted payments from the General Fund. That rise offset a small improvement in overall revenues, especially the income tax.
"The good news is that Connecticut's economy continues to improve," Wyman said. "But unfortunately, the growth is happening at a very slow pace."
The state has added about 800 jobs since the start of the 2005 fiscal year on July 1, Wyman said, and unemployment remains at a low 4.7 percent. Retail sales are up 6.5 percent in the same period, and housing activity continues to show double-digit growth.
Stock prices, however, have trended downward recently and were lower overall for the fiscal quarter that ended in September.
The $61.4 million surplus projection is based on an overall 2005 budget of $14.3 billion.
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 - email@example.com
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