STATE OF CONNECTICUT
THE STATE COMPTROLLER
WYMAN SAYS DEFICIT MITIGATION PLAN, REVENUE GROWTH
PRODUCE $105 MILLION SURPLUS
|Contact: Steve Jensen|
After 20 months of decline, a recent upswing in jobs and collection of the income tax has combined with a deficit-mitigation plan to produce an estimated 2010 budget surplus of $105 million, State Comptroller Nancy Wyman said today.
Wyman noted, however, that most of the approximately $500 million deficit on the books for the bulk of this fiscal year was not eliminated by tax revenue gains, but by various elements of a deficit-mitigation plan passed by the General Assembly.
"This surplus is mainly produced by federal stimulus dollars, deferral of payments to the pension fund and one-time transfers of money from accounts including the Rainy Day Fund," Wyman said. "While this modest economic turnaround is certainly good news, it does not lessen the fiscal challenges that the state will face in the coming years."
The 2011 budget is projected to be in deficit by about $700 million, and a $3.8 billion shortfall is estimated for 2012.
The current $105 million estimated surplus is based on a budget of $18.6 billion for the fiscal year that ends June 30
Recent economic improvements in Connecticut include:
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