(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.](/reports/monthly/2023/aug/brf-table.png)
"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.
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