First Look: $300,000 Budget Surplus

09.18.2014
Issues & Policies

In his first projection for fiscal year 2015, the state comptroller says Connecticut could see a budget surplus of $300,000 at year-end on June 30, 2015.

According to the comptroller, General Fund spending is expected to grow by an estimated 2% and revenue growth is projected to grow 2.6% this fiscal year.

The state is also eyeing $249.2 million in federal Medicaid reimbursements that haven’t been paid yet.

While those reimbursements were moved off of the regular state budgeting process last year in order to circumvent the spending cap, and thus don’t directly affect budget projections, they do impact the state’s cash flow.

The comptroller highlighted several positive economic factors that could impact the performance of the state budget, including a string of six consecutive months of job gains, a growing housing market, and strong stock market.

For more information, contact CBIA’s Bonnie Stewart at 860.244.1925 | bonnie.stewart@cbia.com |@CBIAbonnie

Tags:

Leave a Reply

Your email address will not be published. Required fields are marked *

Stay Connected with CBIA News Digests

The latest news and information delivered directly to your inbox.

CBIA IS FIGHTING TO MAKE CONNECTICUT A TOP STATE FOR BUSINESS, JOBS, AND ECONOMIC GROWTH. A BETTER BUSINESS CLIMATE MEANS A BRIGHTER FUTURE FOR EVERYONE.