Comptroller Sean Scanlon Projects $190.3 Million General Fund Surplus For Fiscal Year 2025
(HARTFORD, CT) – Comptroller Sean Scanlon today, in his monthly financial and economic update, projected a Fiscal Year 2025 General Fund surplus of $190.3 million and a Special Transportation Fund surplus of $149 million, both in general agreement with the Office of Policy and Management’s projections.
“Connecticut’s sound fiscal health continues. Unemployment has reached a historic low, wages are steadily increasing, and the funded ratios of our pension systems are the highest they’ve been in decades,” said Comptroller Scanlon. “As with any new administration in the White House, we can expect some economic uncertainty. I remain focused, however, on the progress we’ve made here in Connecticut to get and keep our fiscal house in order. The work continues as we head into the next legislative session, but I am proud of the path we remain on and progress we have made.”
Last month’s consensus revenues forecast demonstrated continued strength in Connecticut’s fiscal health. Within the overall projected increase, the pass-thru entity tax, personal income tax, and federal grants were revised upwards.
In his monthly analysis issued to Governor Ned Lamont, Comptroller Scanlon also noted that the housing affordability continues to be a challenge. Nationally and in Connecticut, home prices have risen dramatically since 2019, with Connecticut experiencing a more than 60% increase and demand far outpacing supply. Mortgage rates, while down from their October 2023 peak of 7.79%, remain high at around 6.84%. Currently, the typical U.S. household needs to spend approximately 36% of their monthly income on mortgage payments to buy the median home with a 5% downpayment, compared to 26% in 2019.
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