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Comptroller Sean Scanlon Projects $178 Million Surplus

January 4, 2024
Sean Scanlon
Sean Scanlon
CT State Comptroller

Current predictions yield Rainy Day Fund just under $4 billion in 2024

(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 $178.0 million surplus and the Special Transportation Fund will end Fiscal Year 2024 with a $210.3 million surplus, both in general agreement with the Office of Policy and Management.

The increase in the surplus from last month, when the projection stood at $153.9 million, is due to a reduction in the overall projected expenditures by state agencies totaling $24.1 million. Revenue projections were unchanged from November, remaining at an estimated $22.5 billion.

“2023 was another positive year when it came to Connecticut’s continued fiscal momentum,” said Comptroller Scanlon. “We ended the year with a surplus for the sixth consecutive year, once again had a full Rainy Day Fund and had paid off another $1 billion in pension debt. As we begin 2024 and as the largest tax cut in state history takes effect, we are projecting a modest increase in our surplus. So long as we stay true to our fiscal discipline and guardrails, 2024 will be another year of progress for Connecticut’s fiscal turnaround.”

In his final letter to Governor Ned Lamont of 2023, Scanlon noted that the country’s economy is on track to end the year with vigorous growth driven by stronger than expected consumer spending, robust and steady job growth, as well as growing wages.

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