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Fiscal Year 2013 Ends With Surplus

by Christine Stuart | Jul 1, 2013 11:59am
(6) Comments | Commenting has expired
Posted to: State Budget

State Comptroller Kevin Lembo certified that the state will end the 2013 fiscal year with a $236.6 million surplus.

It’s possible that number could change in the coming months since the books on the 2013 budget aren’t technically closed until September, even though the 2014 fiscal year started July 1.

In a letter to Gov. Dannel P. Malloy, Lembo agrees with the governor’s budget office that Connecticut’s fiscal position has improved by about $24.3 million from last month and about $600 million since December when deficit-mitigation efforts began.

About $220.8 million of the 2013 surplus will be used to close next year’s budget. The remainder of the surplus, currently estimated at $15.8 million, will be deposited into the Budget Reserve Fund — or “Rainy Day Fund” — in accordance with state statute. This transfer will bring the Budget Reserve Fund balance to $109.3 million.

“The state’s financial outlook has further improved this month — good news, but still showing reasons for caution because the most significant gains were potentially related to one-time revenue windfalls,” Lembo said. “The most significant revenue growth has occurred in the inheritance and estate tax, which is $269.8 million over budget.”

The General Fund revenues will end the year $134.8 million above initial estimates, Lembo said.

The inheritance and estate tax were $269.8 million more than estimated and the income tax and tax refunds combined also produced $183.8 million more in revenue than initial projections. The sales tax and corporation tax underperformed budget estimates by $189.3 million and $66 million, respectively, Lembo said. Overall, fiscal year 2013 General Fund revenue is 3.9 percent above last fiscal year.

“The economic recovery proceeded at a slower than expected pace during fiscal year 2013,” Lembo said. “For the twelve month period ending in May, the state added 12,500 payroll positions. The state is now 39 months into the economic recovery and has regained about half of the jobs lost to the recession.”


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(6) Comments

posted by: Noteworthy | July 1, 2013  1:00pm

When you take $1.5 billion in higher taxes against this year, there is no surplus.

posted by: robn | July 1, 2013  1:12pm

In other words, the fact that more people croaked than we expected saved the Legislature’s @$$.

Hey lets buy down some of our massive debt! Oh wait a minute, of course lets spend it!

posted by: CT_Yankee | July 1, 2013  3:27pm

Wonderful. Now they’ll figure out how to spend it rather than paying off debt & pension obligations.

posted by: art vandelay | July 1, 2013  7:07pm

art vandelay

I do not believe for one second the numbers coming out of Malloy’s office or from any of his commissioners.  We’re in debt up to our ears and the Democrats just keep on spending.

posted by: dano860 | July 2, 2013  7:00am

“Adjust the state budget to account for the GAAP differential and you discover it is $1.2 billion in the red. The state cannot balance its check book, and be fully GAAP compliant, until it addresses that differential.” (The Day, 6/30/13)
So we then go and bond (borrow) $750M to achieve GAAP. The payback will begin in 2016 with a final payment due in 2028.  This is the cheap way out? In the end we will repay the $750M PLUS $186M in interest! Benny Barnes says,“this makes sense”. REALLY?
We are in trouble….big, big trouble.
I need these clowns running my household, as poor as I am these guys will have me gushing money out the windows.

posted by: dano860 | July 2, 2013  8:49am

With regards to my prior comment, I question how we can claim a surplus then go borrow the funds to achieve GAAP.