HARTFORD (AP) — Comptroller Kevin Lembo says the state of Connecticut is on track to end this fiscal year with a $273.3 million budget surplus.
In a letter to Governor Dannel P. Malloy, released on Thursday, Mr Lembo said the largest portion of the excess revenue stems from the state’s recent tax amnesty program, which allowed people to pay off their back state taxes. However, Lembo said there are also positive trends developing in all overall state revenue.
The current fiscal year ends on June 30.
The surplus projection released Thursday by Mr Lembo marked a $27.4 million increase from his estimate in December. He stressed, however, that any surplus funds should be used to help rebuild the state’s Budget Reserve Fund, given the budget shortfalls that are predicted to begin in fiscal year 2016.