Comptroller Sean Scanlon Projects $329.3 Million Surplus
(HARTFORD, CT) – Comptroller Sean Scanlon today, in his monthly financial and economic update, projected that the General Fund will end Fiscal Year 2024 with a surplus of $329.3 million and the Special Transportation Fund with a surplus of $277.3 million, both in general agreement with the Office of Policy and Management’s projections.
The General Fund surplus projection increased $104.7 million from the prior month due to decreased expenditures across state agencies, increased federal grant revenue, and upward revisions in various other revenue categories.
“While my office is still working to close the books for the fiscal year that ended June 30th, our preliminary analysis—and this month’s enhanced projection—reinforces the fact that Connecticut’s fiscal health is strong,” said Comptroller Scanlon.
In his letter to Governor Ned Lamont, Comptroller Scanlon stated that current Budget Reserve Fund (or Rainy Day Fund) projections put the balance at $4.9 billion, or 22.4% of net General Fund appropriations, 6.3% higher than last month’s projection. This brings the anticipated transfer to the State Employees’ Retirement Fund and/or Teachers’ Retirement Fund, as required by state statute, up to $853.6 million.
Beyond the state’s finances, Comptroller Scanlon also noted that, contrary to the national trend, the Connecticut unemployment rate fell for the third straight month to 3.9% in June, from 4.3% in May. Job openings in Connecticut remain elevated compared to pre-pandemic levels.
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