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Connecticut Projects $137 Million Budget Surplus

Jessica Hill
Office of Policy and Management Secretary Ben Barnes holds a presentation on Connecticut Gov. Dannel Malloy's budget proposal for members of the media at the Legislative Office Building in Hartford in 2017.

Outgoing Governor Dannel Malloy’s administration has projected that Connecticut will end its fiscal year next June with a $137 million budget surplus.

This is contained in a letter from Malloy’s budget director, Ben Barnes, to state Comptroller Kevin Lembo. Barnes says strong state revenue collections are responsible for the projected surplus. He says revenues are about $163 million higher than had been expected.

Leading the surge is personal income tax returns, which are up $97 million. Sales tax revenue is up $58 million and other revenue is up $7.7 million so far. Barnes says because of this, the state will probably end fiscal year 2019 with $1.6 billion in its budget reserve fund. This is the Malloy administration’s first monthly projection of the state’s budget outlook since the fiscal year began on July 1.

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.