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 fiscal year with a budget surplus of $51.9 million.

The surplus would have reached approximately $258.8 million, but was reduced by a series of recent appropriations by the General Assembly, including:

• $112.4 million in additional fiscal 2004 spending.
• $125.3 million transferred to the General Fund for fiscal 2005.
• $20.2 million for payments related to the state's general-assistance medical program.

The remaining surplus of $51.9 million is expected to be deposited into the state's emergency Rainy Day Fund, which was drained of its $590 million balance to deal with a deficit two years ago.

"The improved revenue picture in recent months has allowed state government to meet its financial obligations with existing resources," Wyman said. "However, I would hope that in the future more surplus revenue would be dedicated to the Rainy Day Fund."

The bulk of the revenue gains were from collections of the income tax related to the strengthening national economy and financial markets, and Connecticut's improving employment market. The state gained another 4,100 payroll jobs in May, bringing total job gains for the fiscal year to about 5,500.

Wyman cautioned, however, that the state's corporate sector remains flat. Payments of taxes on corporate profits are expected to end the year about $113 million below original estimates.

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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