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State Of Connecticut Now Has A Surplus

Courtesy of Pixabay

Connecticut officials are now projecting that the state will end this fiscal year with a $23 million surplus, as stated in a letter sent by Governor Dannel Malloy’s budget director to the state comptroller on Friday.

The letter from Office of Policy and Management Director Ben Barnes says this represents a $65 million turnaround from the deficit his office had been projecting just a month ago.

He credits this to an $80 million increase in corporation tax because of strong collections over the past few months. Barnes says the general fund has also benefited from the state's recent $31.5 million share of a nationwide settlement with Moody's credit rating agency.

However, Barnes says revenues from the state sales tax continue to underperform and projected income tax revenues have been revised downward.

The state is still facing a projected $1.5 billion budget shortfall for the next fiscal year that ends on June 30, 2018.

Copyright 2017 WSHU

As WSHU Public Radio’s award-winning senior political reporter, Ebong Udoma draws on his extensive tenure to delve deep into state politics during a major election year. In addition to providing long-form reports and features for WSHU, he regularly contributes spot news to NPR, and has worked at the NPR National News Desk as part of NPR’s diversity initiative.

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SOMOS CONNECTICUT is an initiative from Connecticut Public, the state’s local NPR and PBS station, to elevate Latino stories and expand programming that uplifts and informs our Latino communities. Visit CTPublic.org/latino for more stories and resources. For updates, sign up for the SOMOS CONNECTICUT newsletter at ctpublic.org/newsletters.

SOMOS CONNECTICUT es una iniciativa de Connecticut Public, la emisora local de NPR y PBS del estado, que busca elevar nuestras historias latinas y expandir programación que alza y informa nuestras comunidades latinas locales. Visita CTPublic.org/latino para más reportajes y recursos. Para noticias, suscríbase a nuestro boletín informativo en ctpublic.org/newsletters.

The independent journalism and non-commercial programming you rely on every day is in danger.

If you’re reading this, you believe in trusted journalism and in learning without paywalls. You value access to educational content kids love and enriching cultural programming.

Now all of that is at risk.

Federal funding for public media is under threat and if it goes, the impact to our communities will be devastating.

Together, we can defend it. It’s time to protect what matters.

Your voice has protected public media before. Now, it’s needed again. Learn how you can protect the news and programming you depend on.