State Budget Surplus Tops $500 Million

The state of Connecticut is anticipating a budget surplus of more than $500 million this year, largely thanks to greater than anticipated revenue from personal income tax. The Office of Policy and Management reports that collections are up $213.1 million in 2013 and the state anticipates that trend will continue through 2014. 

Governor Dannel P. Malloy released the following statement following the release of a letter yesterday from the Office of Policy and Management (OPM) to Comptroller Kevin Lembo detailing Connecticut’s latest revenue and expenditure figures.

“Today’s letter highlights the continued progress we have made in turning a record-setting $3.6 billion deficit to a surplus of more than $500 million, while at the same time making smart investments to improve our education system and grow jobs," Gov. Malloy stated.  

“Overall, the rate of budget growth under this administration is lower than those of my predecessors.  For too long, our state had been putting off the tough decisions needed to get our fiscal house back on track and keep it there.  While the work isn’t done yet and we must continue working to improve the state of our state, thanks to the efforts of many people in our state, we’re seeing progress.”

In addition to the letter, OPM also released statistics showing that the growth rate of state government is at its lowest level in decades.