Comptroller Sean Scanlon Projects $630 Million Surplus - Office of the State Comptroller -
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Sean Scanlon
Sean Scanlon
CT State Comptroller
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Comptroller Sean Scanlon Projects $630 Million Surplus

OSC continues to closely monitor economic impacts of local and national inflation, unemployment

August 1, 2023

(HARTFORD, CT) - Comptroller Sean Scanlon today, in his monthly financial and economic update, projected a Fiscal Year 2023 (FY 23) General Fund surplus of $630.6 million. FY 23 officially ended on June 30, 2023, and is followed by an adjustment period ending in August with audited results available by December 31, 2023. The $115.3 million decrease resulted from a $160 million decrease in revenue projections but was partially offset by a $44.6 million decrease in projected expenditures.

OSC is currently projecting approximately $1.96 billion would be available to reduce unfunded pension liability for the State Employee Retirement System (SERS) and the Teachers' Retirement System (TRS).

Table summarizing budget relief fund. See excel link in footer.

"The continued cooling of inflation is welcome news for Connecticut residents, as is the recent announcement that the Federal Reserve no longer forecasts a recession," said Scanlon. "When you combine the improving national economic outlook with our state's improved finances and our strongest six-month period of job growth since 2006, there is reason to be optimistic about Connecticut's economic prospects in the second half of 2023."

In a letter to Governor Ned Lamont, Scanlon noted that Federal Reserve Chairman Powell told reporters on July 25th that they are no longer forecasting a recession.

To date, Connecticut has gained 14,100 jobs in 2023, more jobs than added in the first six months of any pre-pandemic year since 2006. Connecticut's unemployment remains at 3.7%, just 0.1% above the national average, while employers currently have more than 90,000 jobs available.

View PDF for full economic indicators.

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