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 the state will end the 2005 fiscal year with a budget surplus of $638.3 million.

Wyman's surplus estimate grew by about $35 million over the last month. The increase was based mainly on strong collections of the:

• Corporation tax, which rose by $16.6 million
• Inheritance and Real Estate tax, up $15 million, and the:
• Real Estate Conveyance tax, which increased by $7 million

The state gained another 2,500 jobs in April, bringing the total net gain for the fiscal year to about 20,600. Retail sales were up 8.6 percent over the same period last year, and existing-home sales increased by 18 percent.

"The healthy rate of job creation and the continued strength of the housing market are very good news for Connecticut's economy," Wyman said. "Those two areas are key to the state achieving real economic stability."

The $638.3 million surplus estimate is based on an overall budget of $13.5 billion for the fiscal year that ends June 30. Revenue gains for the year are partially offset by about $52 million in expected spending over original budget projections.

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

Learn more about the Connecticut Comptroller's Office by calling up our Internet Home Page, at the link below.

For Immediate Release
June 1, 2005

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