STATE OF CONNECTICUT
THE STATE COMPTROLLER
|WYMAN ANNOUNCES FINAL 2007 BUDGET SURPLUS
OF $269.7 MILLION
Comptroller Says Extra Revenue Should Have Filled Rainy Day Fund
|Contact: Steve Jensen|
State Comptroller Nancy Wyman today said the state has ended the 2007 fiscal year with $269.6 million remaining from a gross budget surplus of more than $1 billion.
The $269.6 million, subject to a final audit, is the balance remaining after the General Assembly appropriated $790.3 million of an estimated gross surplus of $1.1 billion. The $790.3 million has been designated as revenue to be spent over the next two fiscal years.
The leftover $269.6 million will be deposited into the state's emergency Rainy Day Fund, bringing the fund to approximately $1.3 billion. While state statutes set a target for the Rainy Day Fund to contain ten percent of the annual state budget, it will reach only 8.5 percent with the latest deposit.
Wyman noted that the surplus was built largely on revenue from income taxes paid by workers and investors, which grew by 9.6 percent in fiscal 2007.
"I will continue to advocate that more surplus revenue be used to protect taxpayers against future tax increases," Wyman said.
Wyman has introduced legislation several times to deposit 15 percent of the total budget in the fund, but her proposals have not been approved by the legislature.
Over the past three fiscal years, General Fund spending growth has averaged 6.8 percent. This fiscal year is also the eighth time that the state's spending cap has been broken in order to allow spending of the extra revenue.
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
September 4, 2007
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