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 2006 fiscal year with a $135.4 million budget surplus.

The estimated surplus has risen by about $106 million in the last month, mainly due to strong collection of income taxes related to taxpayers' investments in financial markets.

Also contributing to the surplus is increased revenue from the tax paid by oil companies on their profits, which is projected to bring in about $40 million more than expected.

"Overall, the state's economy remains stable," Wyman said. "But I am concerned that higher energy prices and rising interest rates could dampen economic growth in the coming months."

Wyman noted that state government is already expecting to spend about $23.5 million more on energy costs this fiscal year than was originally budgeted.

While the state's unemployment level holds steady at just over five percent, Wyman said, net job growth has been virtually zero since the start of the 2006 fiscal year on July 1.

Taxes paid by corporations on their profits showed solid growth of 4.6 percent, Wyman said, and retail sales grew by 6.5 percent over the same time last year.

The surplus is based on an annual budget of $15.2 billion.

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
November 1, 2005

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