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Connecticut ended 2022 fiscal year with a $1.3 billion surplus

Connecticut's Office of Comptroller

Connecticut ended its 2022 fiscal year on June 30 with a $1.3 billion surplus, according to revised figures released by the state’s budget office on Friday. It's $50 million more than what had been projected just a month before.

Budget officials said the increase is due to continued a higher revenue collection than had been anticipated. Connecticut also collected $3 billion more in income tax returns from wealthy residents.

The Special Transportation Fund also ended the fiscal year with a higher than anticipated surplus.

The state’s Revenue Reserve Fund has increased to 34% of the appropriated 2023 budget. Jeffrey Beckham, secretary of the Office of Policy and Management, said he’ll use about $4 billion of the surplus to put toward the state employee and teachers retirement funds.

State law requires revenue surpluses more than 15% of the appropriated budget to be used to pay down those obligations.

As WSHU Public Radio’s award-winning senior political reporter, Ebong Udoma draws on his extensive tenure to delve deep into state politics during a major election year.