STATE OF CONNECTICUT
NANCY WYMAN COMPTROLLER	OFFICE OF THE STATE COMPTROLLER 55 ELM STREET HARTFORD, CONNECTICUT 06106-1775	MARK OJAKIAN DEPUTY COMPTROLLER

State Comptroller Nancy Wyman today projected that the state will end the 2001 fiscal year with a budget surplus of $379.8 million.

Wyman's estimate is a $204.9 million increase over her October projection, mainly due to unexpectedly high first-quarter revenues from the income tax. The income tax is expected to generate more than $4.5 billion this year, or about $342 million over original estimates.

"About three-quarters of the increase can be attributed to income tax receipts, especially in capital gains associated with the financial markets," Wyman said. "But given the volatility of the stock market this jump should not be viewed as an excuse to increase government spending."

Wyman said she will advocate that much of the surplus be used to pay down the state's high level of debt, and to increase the state's emergency Rainy Day Fund.

Overall, Connecticut's economy is healthy, Wyman said, but moderating from the extraordinary expansion in the last fiscal year. Growth in jobs, the housing market and personal income and savings has slowed, reflecting national economic trends.

The State Comptroller appreciates input on this and other issues from residents of the state. Please feel free to contact her office by phone - (860) 702-3300; mail - OSC, 55 Elm Street, Hartford, CT 06106; or, via E-mail - osc.opinions@po.state.ct.us

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