Connecticut ended 2022 fiscal year with a $1.3 billion surplus
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.