STATE OF CONNECTICUT
THE STATE COMPTROLLER
|WYMAN PROJECTS $790.5 MILLION SURPLUS FOR
Extra Revenue Means Rainy Day Fund Will Reach Nearly $1 Billion
|Contact: Steve Jensen|
State Comptroller Nancy Wyman today projected the state will end the 2006 fiscal year with a budget surplus of $790.5 million - and with a record balance of nearly $1 billion in the state's Rainy Day Fund..
Wyman's surplus estimate rose by $92.4 million over the last month, driven by strong collections of the tax on personal income, corporate profits and the inheritance and estate tax. The projection is based on a budget of $15.2 billion for the 2006 fiscal year, which ends June 30.
"The national and state economies have performed somewhat better than originally projected and that is leading to healthy revenues for the state," Wyman said. "Fortunately, a great deal of this surplus will be used to lower state debt and raise the level of the Rainy Fund to a historic high."
The Rainy Day Fund will total at least $971 million. By law, nearly $200 million of that will be deposited automatically into the fund because it was collected after the General Assembly signed next year's budget into law.
The budget also called for $245.6 million of the surplus to be put into the underfunded teachers' pension plan and $85.5 million to pay economic-recovery notes issued to deal with a budget deficit in 2002.
"Using this surplus for prudent, long-term fiscal management will benefit Connecticut's taxpayers by protecting them against potential tax hikes during the next inevitable economic downturn," Wyman said.
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
Learn more about the Connecticut Comptroller's Office by calling up our Internet Home Page, at the link below.
|For Immediate Release|
|June 1, 2006|
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