Connecticut budget account has projected surplus, for now
HARTFORD — Connecticut’s main spending account has a projected surplus, for now.
In a letter sent Monday to Democratic Comptroller Kevin Lembo, Office of Policy and Management Secretary Ben Barnes says higher-than-expected tax collections have led to a potential $137.9 million operating surplus in the state’s main spending account for the current fiscal year, which ends June 30.
Barnes is stressing how these estimates “will undoubtedly be revised.”
The state’s General Fund is roughly $19 billion.
Barnes says the largest revenue change comes from the withholding portion of the personal income tax, which is up nearly $97 million. The sales and use tax is up more than $58 million than originally budgeted.
Meanwhile, $85 million in additional estimated income tax payments will be deposited in the state’s budget reserved account.