Malloy budget office projects surplus for current year
HARTFORD — Gov. Dannel P. Malloy’s budget director is estimating Connecticut will now end this fiscal year with a surplus.
In a letter released Friday to the State Comptroller, Ben Barnes credited “strong collections over the past few months” from the corporation tax for the projected $23.3 million surplus in the general fund, the state’s main spending account.
The budget is also benefiting from the state’s recent $31.5 million share from a nationwide settlement with Moody’s credit rating agency.
However, Barnes says revenues from the state sales tax “continue to underperform our monthly targets” and projected income tax revenues have been revised downward.
For much of the year, deficits have been projected for this fiscal year. The new fiscal year, which begins July 1, is estimated to be $1.5 billion in deficit.