It's official. Connecticut ended its last fiscal year in June with a $39 million surplus. And the state now has more than $3 billion in its rainy day fund. Comptroller Kevin Lembo made the announcement on Thursday.
Lembo said Connecticut’s budget surplus bucks the national trend during the ongoing COVID-19 pandemic.
“It is pretty extraordinary when you consider where we are versus many other states,” he said.
Lembo credits the surplus on higher than anticipated tax revenues from Wall Street earnings and prudent state spending.
He said the $3.03 billion now in the state’s rainy day fund is more than 15% of Connecticut’s annual budget. And it will help the state weather the current economic downturn.
“So that we would not repeat the cycle of boom and bust of raising taxes and cutting taxes and cutting programs into recessions,” he said.
New York has reported that it faces a projected budget deficit of $14 billion.
