- Associated Press - Friday, January 20, 2017

HARTFORD, Conn. (AP) - Gov. Dannel P. Malloy’s budget director is estimating Connecticut will now end this fiscal year with a surplus.

In a letter released Friday to the State Comptroller, Ben Barnes credited “strong collections over the past few months” from the corporation tax for the projected $23.3 million surplus in the general fund, the state’s main spending account.

The budget is also benefiting from the state’s recent $31.5 million share from a nationwide settlement with Moody’s credit rating agency.

However, Barnes says revenues from the state sales tax “continue to underperform our monthly targets” and projected income tax revenues have been revised downward.

For much of the year, deficits have been projected for this fiscal year. The new fiscal year, which begins July 1, is estimated to be $1.5 billion in deficit.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide