It’s looking like Connecticut will end the fiscal year with a $33 million surplus, according to an open letter from Governor Malloy’s Office of Policy and Management.
This may sound like a lot - imagine ending a financial year with $33 million to spare! - but for the state of Connecticut, it’s actually quite a small surplus. Connecticut state Senate passed a $19 billion budget last month.
In the letter, Secretary of the Office of Policy and Management Benjamin Barnes said the surplus was reduced by $10 million from last month due to a drop in revenues. This drop was blamed on the federal government not reimbursing Connecticut for $65 million in services provided by the Departments of Mental Health and Addiction Services and Developmental Services.
Secretary Barnes writes a monthly letter to State Comptroller Kevin Lembo to keep Connecticut residents
Nonpartisan fiscal analysts predict that Connecticut will end the year with a slightly higher surplus than Malloy’s budget office. They projected a $42.4 million surplus, CT News Junkie reports.
The surplus will be deposited into the Budget Reserve Fund at the end of June when the fiscal year ends.
What do you think of the surplus? What is your experience of Connecticut's economy? Let us know in the Comments section.