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Income Tax Revenue Boosts Budget Surplus

by Christine Stuart | Jul 22, 2013 9:34pm
(2) Comments | Commenting has expired
Posted to: State Budget

CTNJ file photo

Ben Barnes gives a budget presentation in February

Personal income tax receipts came in higher than anticipated during May and June, which allowed Gov. Dannel P. Malloy’s budget director to adjust the surplus up $123 million more than last month.

Ben Barnes, Malloy’s budget director, predicted Monday that the state will end the year with a $359.6 million surplus.

In his monthly letter to state Comptroller Kevin Lembo, Barnes said personal income tax receipts were up $55.1 million over last month. The corporation tax also was revised upward by $15 million.

Even though fiscal year 2013 technically ended on June 30, the state will continue to tally revenue through August 7 and Lembo will certify the 2013 budget numbers on Sept. 1.

In his July letter, Barnes said spending is expected to end the year $133.7 million below the original budget, an improvement of $35 million from last month’s estimate.

Based on the budget adopted by lawmakers last month, another $138.8 million will be transferred to the Rainy Day fund bringing the balance in that account up to $232.2 million.

“Given the deficit forecasts issued earlier in the fiscal year, we note that this deposit is a significant accomplishment, and that rebuilding reserves will serve the state well as a contingency against the next economic downturn,” Barnes wrote to Lembo.

Lembo will release his budget projections on Aug. 1.

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(2) Comments

posted by: Janster57 | July 23, 2013  3:37pm

Seeing as they bonded $750 million to “balance” the budget, I think the meaning of surplus is relative. From one perspective, now they’re only $400 million short.

posted by: Noteworthy | July 24, 2013  10:09am

Barnes makes it sound like he and Malloy were amazingly smart people who together got a surplus. There is one reason for the surplus - a massive history making tax increase, higher gas taxes and utility taxes and oh, let’s not forget higher taxes on hospitals and healthcare components. Surplus? If a robber sticks up a bank, and now has $10k in his pocket - does he have a surplus?