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 said the 2010 fiscal year will end with a projected budget surplus of $166.9 million, as jobs and tax revenue continue a modest upswing.

Wyman's surplus estimate is an increase of $61.9 million since last month. It is based mainly on an improvement in income tax receipts tied to the recent regain of 8,900 jobs from the 103,400 positions lost during the recession.

"We still have a very long way to go before we can call it a recovery, but the good news is that most experts were not expecting any job growth at all this year," Wyman said.

Income tax receipts have swung from being 6.3% below expectations in January to exceeding estimates by 2.7% through April. The sales tax also is showing signs of rebounding, although it remains below budgeted projections.

Wyman cautioned that a $500 million deficit that was projected for most of this fiscal year was mainly eliminated not by revenue gains, but by a deficit-mitigation measures that included federal stimulus dollars, deferral of payments to the state pension fund and one-time transfers of money from accounts including the Rainy Day Fund.

The current $166.9 million estimated surplus is based on a budget of $18.6 billion for the fiscal year that ends June 30.

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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For Immediate Release
June 1, 2010

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