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Connecticut to End 2014 With Money to Spare

The financial year ends June 30.

Patch file photo
Patch file photo

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.





Craig Zac July 03, 2014 at 08:44 AM
well if there's a huge surplus, I want a refund on some of the taxes I paid...
Steve Bristol July 03, 2014 at 10:19 AM
Back in January, Malloy touted his projected $500 million-plus surplus and promised us all $55 rebates just prior to the election (funny how that works). Now it's ~$33 million. Of course, it's all including a huge amount of borrowed money so there really is no surplus. This is the same Gov who recently said no money from the Transportation Fund is used for General Fund expenditures, despite including in the last budget transferring some $76 million from the Special Transportation Fund to the General Fund. Why would anyone believe ANYTHING this man (or his minions) says?
Paul Alexander July 03, 2014 at 02:06 PM
Steve, Malloy has ZERO credibility...but Boobus Nutmegus will STILL re-elect the idiot.
Murphy July 03, 2014 at 02:31 PM
Yo Paul, good call on the DOW hitting 17000, you just forgot to add the leading 1, we know you really meant 17000 not 7000, Right? Have a drink on me ! NEW YORK (Reuters) - Wall Street's holiday-shortened session ended with multiple records on Thursday, with the Dow topping 17,000 for the first time after the June jobs report came in much stronger than expected. Both the Dow and S&P 500 ended at their third consecutive record highs. The Nasdaq ended at its highest since 2000 and rose for a third straight week. The three major indexes wrapped up a week of solid gains on the day before the Independence Day holiday, when the U.S. stock market will be closed.

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