Lembo pegs Connecticut budget surplus at $43.4 M

malloysrunning

HARTFORD, Conn. (AP) — State Comptroller Kevin Lembo says Connecticut is on track to end the current fiscal year with a $43.4 million budget surplus.

In a letter sent Monday to Gov. Dannel P. Malloy, Lembo said revenues which fund the state’s main spending account, the General Fund, are running $40.6 million below the original budget targets. However, he credited spending controls with keeping the budget in balance. The fiscal year ends June 30.

The largest revenue shortfall has been the personal income tax. However, both sales and corporation taxes are exceeding original budget estimates.

Lembo said despite Connecticut’s struggle to find an expected “economic lift,” the state’s economy is improving overall. He pointed to the third consecutive month of employment growth as well as rising home sales.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

blog comments powered by Disqus