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Comptroller Sean Scanlon Projects $256.7 Million Surplus

May 1, 2024
Sean Scanlon
Sean Scanlon
CT State Comptroller

Consensus Revenue Forecast Signals Economic Confidence

(HARTFORD, CT) – Comptroller Sean Scanlon today, in his monthly financial and economic update, projected a Fiscal Year 2024 General Fund surplus of $256.7 million and a Special Transportation Fund surplus of $280.6 million, both in general agreement with the Office of Policy and Management’s (OPM) projections.

The April 2024 consensus revenue forecast issued yesterday by OPM and the Office of Fiscal Analysis increased General Fund revenues by a net $170.3 million from the previous month’s estimate. These adjustments were made to reflect higher-than-anticipated trends in collections and are likely the result of positive stock market performance and increased consumer spending.

“The April consensus revenue forecast further demonstrates our state remains in strong fiscal shape,” said Comptroller Sean Scanlon. “It’s always a good thing when we can make upward revisions to our revenue projections, and the fact that we’re having conversations about how much we should be saving and how much debt we should be paying down shows how far Connecticut has come since the permanent fiscal crisis of the 2010s. We’ve made great progress, and this month’s positive outlook confirms we’re still going in the right direction.”

In his letter to Governor Ned Lamont, Comptroller Scanlon noted that Connecticut continued to add jobs in key employment sectors last month. Of the 4,900 jobs added in March, approximately 2,000 were in the leisure and hospitality industry, and 1,000 jobs were in education and health services.

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