Malloy's budget director says fiscal 2017 to end in surplus
Jul. 20, 2017
HARTFORD, Conn. (AP) — Connecticut is poised to wrap up last fiscal year with a small surplus.
Gov. Dannel P. Malloy's budget director, Ben Barnes, announced Thursday the state's main spending account is projected to close with a $35.7 million surplus. That's a $142.9 million improvement from last month, when it appeared the state was facing a $107.2 million shortfall.
Barnes says the projected surplus is due to "successfully implemented austerity measures" and strong year-end performance by several taxes, including the estate and inheritance tax and the corporation tax.
The improved revenue means Connecticut won't have to raid its budget reserve account to balance the state's books. The so-called rainy day fund will now have a balance of $271.3 million, but that figure could change.
There's still no deal on a new two-year budget.