(HARTFORD, CT) - Comptroller Sean Scanlon today, in his monthly financial and economic update, projected a Fiscal Year 2023 General Fund surplus of $745.9 million and surplus of $260.2 million for the Special Transportation Fund. The decrease in the general surplus is attributable to several factors, notably a $530-million increase in projected expenditures resulting from the passage of the budget in the 2023 legislative session.
Comptroller Scanlon applauded Connecticut's recent job growth in which the state added 5,000 jobs in May after adding 1,200 in April. In May, Connecticut unemployment dropped to 3.7%, which is equal to the national unemployment rate for the first time since June of 2020, marking strong post-COVID recovery.
"Even after passing the largest tax cut in state history, we still ended the fiscal year with a $745-million surplus," said Comptroller Scanlon. "2023 marked the fifth consecutive year we ended the fiscal year with a surplus and that, in addition to significant job growth, is something worth celebrating as we continue to experience a turnaround in Connecticut's fiscal and economic health."
In a letter to Governor Ned Lamont, Comptroller Scanlon projects that approximately $2.1 billion will be available to reduce unfunded pension liability for the State Employee Retirement System (SERS) and the Teachers' Retirement System (TRS).
View PDF for full economic indicators.Download as PDF Current News