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
CT Residents
22%
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
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 Year | General Fund Result | |
|---|---|---|
| 2011 | $236,922,515 | Surplus |
| 2012 | -$143,516,880 | Deficit |
| 2013 | $398,035,212 | Surplus |
| 2014 | $248,479,871 | Surplus |
| 2015 | -$113,168,010 | Deficit |
| 2016 | -$170,418,432 | Deficit |
| 2017 | -$22,696,231 | Deficit |
| 2018 | -$482,860,543 | Deficit |
| 2019 | $370,597,419 | Surplus |
| 2020 | $38,709,505 | Surplus |
| 2021 | $475,864,135 | Surplus |
| 2022 | $1,261,379,211 | Surplus |
| Fiscal Year | Rainy 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 |
|---|---|---|---|---|---|
| Legislative | 655 | 766 | 681 | 656 | 661 |
| General Government | 3,470 | 3,274 | 3,070 | 2,929 | 2,964 |
| Regulation & Protection | 3,733 | 3,936 | 3,822 | 3,496 | 3,578 |
| Conservation & Development | 1,295 | 1,421 | 1,396 | 1,172 | 1,173 |
| Health & Hospital | 6,022 | 6,374 | 6,584 | 3,668 | 3,568 |
| Transportation | 3,085 | 3,181 | 3,256 | 2,995 | 3,051 |
| Human Services | 1,873 | 2,054 | 2,089 | 4,008 | 3,961 |
| Education, Libraries, & Museums | 18,592 | 18,627 | 24,309 | 15,911 | 16,104 |
| Corrections | 8,416 | 8,743 | 9,094 | 8,599 | 8,069 |
| Judicial | 4,905 | 4,886 | 4,066 | 4,106 | 4,018 |
| 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)