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Connecticut News

Connecticut projected to end its fiscal year with an additional $86 million budget surplus

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Ebong Udoma
/
WSHU
Connecticut Governor Ned Lamont at the opening of the Athletic Brewing Company brewery in Milford on Friday, June 17, 2022.

Connecticut officials project the state will end its fiscal year on June 30 with an additional $86.2 million budget surplus. That’s more than had been projected just a month ago.

The extra money means the state can make a $3.7 billion payment to reduce unfunded liabilities, according to Jeffrey Beckham, Governor Ned Lamont’s budget director. That means a savings of $313 million a year for taxpayers over the next 25 years, he said.

It is a prudent use of the budget surplus, Lamont said.

“So, we make sure that if we run into a recession, we are not running around raising taxes or cutting spending," he said. "We’ve got a good solid budget that’s built to last —including the biggest tax cut in Connecticut history."

Lamont and the Democrats in charge of the state legislature have refused calls by the Republican minority for a special legislative session to take action on their proposals to use the surplus to provide additional tax cuts.