Annual Comprehensive Financial Report | FY22
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Official seal for State of Connecticut Comptroller

FISCAL YEAR 2022

July 1, 2021 to June 30, 2022
State Comptroller Natalie Braswell

Demographics

Source: U.S. Census Bureau

State Population

3,605,944
CT Residents
22%
of residents speak a language other than English at home

Gender

Female: 51.2%
Male: 48.8%

Race

Economy


Unemployment Rates

CT Rates U.S. Rates
  • Connecticut gained 25,700 nonfarm jobs over FY22
  • 7 industry sectors grew, one remained flat, two declined

Net Change in Employment by Industry


Connecticut Economy Fast Facts

2nd highest per capita income in U.S at $83,294 and is 130% of U.S. national average
Median household income: $79,855
CT recovered 83.4% of the 289,400 jobs lost during the COVID-19 recession
CT has 14 of the businesses on the Fortune 500 list

Fiscal Year '22 Results

General Fund Revenue: $21,990,935,167
General Fund Expenditures: $20,655,130,552


$
  • Revenue Volatility Transfer to Budget Reserve Fund: $3,047,454,473
  • Excess Revenue transfer to State Employees Retirement System: $1,942,390,940
  • Excess Revenue transfer to Teacher's Retirement System: $903,642,800

Fiscal YearGeneral Fund Result
2011$236,922,515Surplus
2012-$143,516,880Deficit
2013$398,035,212Surplus
2014$248,479,871Surplus
2015-$113,168,010Deficit
2016-$170,418,432Deficit
2017-$22,696,231Deficit
2018-$482,860,543Deficit
2019$370,597,419Surplus
2020$38,709,505Surplus
2021$475,864,135Surplus
2022$1,261,379,211Surplus
Fiscal YearRainy Day Fund Balance
2012$93,454,180
2013$270,689,492
2014$519,169,363
2015$406,001,3533
2016$235,582,920
2017$212,886,689
2018$1,201,359,428
2019$2,505,537,507
2020$3,035,853,798
2021$4,254,401,879
2022$3,111,959,267
2023$3,313,380,000
  • Reducing the state's unfunded liability will save Connecticut Taxpayers $11.5 billion over coming decades.
  • As a result of fiscal accountability practices and reducing unfunded liability, Connecticut has received several bond upgrades.

State Government

State Employees by Sector

Government Function 2022 2021 2020 2019 2018
Legislative655766681656661
General Government3,4703,2743,0702,9292,964
Regulation & Protection3,7333,9363,8223,4963,578
Conservation & Development1,2951,4211,3961,1721,173
Health & Hospital6,0226,3746,5843,6683,568
Transportation3,0853,1813,2562,9953,051
Human Services1,8732,0542,0894,0083,961
Education, Libraries, & Museums18,59218,62724,30915,91116,104
Corrections8,4168,7439,0948,5998,069
Judicial4,9054,8864,0664,1064,018
Total Employees 52,046 53,262 58,367 47,540 47,147

Total Payroll: $5.07 Billion


$
  • Salary & Wages: $4.5 Billion
  • Overtime: $324 Million
  • Other Pay: $216 Million

Education

90.9%
of residents are a High School graduate or higher
40%
of residents have a Bachelor's Degree or higher



There are 44 colleges and universities in Connecticut enrolling 185,352 students

Source: U.S. Census Bureau

Connecticut Education Rankings

1st in college readiness (source: U.S. News)
1st best Community College System (source: Wallet Hub)
2nd best school system (source: Wallet Hub)
3rd for Pre-k education (source: U.S. News)

Superlatives

Connecticut boasts high ranks in the following categories

1st highest net migration of high-earning young professionals in New England (source: SmartAsset)
3rd for public health and quality, accessible healthcare (source: U.S. News)
4th best state to work from home from (source: Wallet Hub)
5th for public safety (source: U.S. News)
5th highest Minimum Wage in the country at $14.00
5th healthiest state based on low mortality, obesity, and suicide (source: U.S. News)
6th for lowest crime & incarceration (source: U.S. News)
7th best state for gender equality (source: U.S. News)

Investigate

Choose Transparency Category