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Lembo Certifies 2014 Surplus

by Christine Stuart | Jul 1, 2014 11:18am
(2) Comments | Log in to Post a Comment
Posted to: State Budget

CTNJ file photo

State Comptroller Kevin Lembo

State Comptroller Kevin Lembo certified a $33.2 million surplus Tuesday, but warned that while the 2015 fiscal year officially begins today the final 2014 surplus won’t be determined until later this year after the books are audited.

In his monthly letter to Gov. Dannel P. Malloy, Lembo agreed with Malloy’s budget office and reduced the surplus by $10.1 million from last month’s estimate.

This month’s revenue projection is down $75.5 million from last month — the vast majority related to outstanding federal reimbursements that the state has claimed, but not yet received. The state is actively seeking to recover $65.5 million from the federal government for costs incurred by the Departments of Developmental Services and Mental Health and Addiction Services, Lembo said.

The drop in revenue was offset by a $65.1 million increase in anticipated budget savings, which is money state agencies have promised not to spend.

“The state’s budget, ending in surplus, is reflective of the overall economic outlook — a saw-tooth recovery that is headed in the right direction, but slowly,” Lembo said, pointing to the state’s fourth consecutive month of employment growth. “Connecticut’s overall economy has shown signs of gradual but erratic improvement.”

Under state law, the 2014 surplus determined after the numbers are audited will be deposited in the Rainy Day Fund.

General fund revenue for fiscal 2014 is expected to be $116 million below the original budget plan. The largest shortfall in 2014 was the income tax, which underperformed by about $176 million, or 2 percent lower than anticipated. Both the sales tax and the corporation tax exceeded initial budget estimates by $65.6 million and $42.5 million respectively, according to Lembo.

Overall, general fund spending for 2014 is expected to be $144 million below the original budget plan.

None of this changes what’s in store for lawmakers and the governor in fiscal year 2016.

According to the Office of Fiscal Analysis, the state faces a $1.278 billion deficit in 2016 and a $1.5 billion deficit in 2017.

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(2) Comments

posted by: dano860 | July 2, 2014  8:12am

With all this “excess” cash floating around why are we bonded to the ears? Why not apply it to one of the unfunded mandates, like the teachers retirement or equivalent promises that we have made and reneged on. Rainy day fund?...Folks it has been pouring in Ct for years.
Counting on getting money from the Feds? Good luck with that!
The millionaires are leaving the State and wages are down so taxes are down. More jobs won’t do a thing if they are $10.10 an hour jobs will they?
How about lowering one of the three gas taxes?
It sounds as though we are pretty well off in the wealthy State of Ct.

posted by: frankfgsr | July 4, 2014  10:11pm

You must be doing fools math , who are you kidding ? this state has bonded everything including the kitchen sink we are so far in the red if we don’t vote you fools out it will be the end of conn. as we once knew it