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State Budget Surplus Tops $500 Million

Revenue is up and the growth rate of government is down, according to the latest report from the Office of Policy and Management.

State Budget Surplus Tops $500 Million

By Jayne Keedle

The state of Connecticut is anticipating a budget surplus of more than $500 million this year, largely thanks to greater than anticipated revenue from personal income tax. The Office of Policy and Management reports that collections are up $213.1 million in 2013 and the state anticipates that trend will continue through 2014. 

Gov. Dannel P. Malloy released the following statement after  the release of a letter yesterday from the Office of Policy and Management (OPM) to Comptroller Kevin Lembo detailing Connecticut’s latest revenue and expenditure figures.

“Today’s letter highlights the continued progress we have made in turning a record-setting $3.6 billion deficit to a surplus of more than $500 million, while at the same time making smart investments to improve our education system and grow jobs," Gov. Malloy stated.  

“Overall, the rate of budget growth under this administration is lower than those of my predecessors.  For too long, our state had been putting off the tough decisions needed to get our fiscal house back on track and keep it there.  While the work isn’t done yet and we must continue working to improve the state of our state, thanks to the efforts of many people in our state, we’re seeing progress.”

In addition to the letter, OPM also released statistics showing that the growth rate of state government is at its lowest level in decades.

House Speaker Brendan Sharkey (D-Hamden) thanked state employees for their part in the state's budget improvement.

“For the second straight year, thanks in large part to a continuing economic recovery and to our state employees for stepping up, we are on target for another balanced state budget,” Sharkey said. “Investing in job creation and improving the business climate top our legislative agenda for 2014, but let us not forget we had a serious budget crisis just three years ago, and our state employees voluntarily opened their long-term contracts yielding significant savings for taxpayers.”

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