First Look: $300,000 Budget Surplus
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.
EXPLORE BY CATEGORY
Stay Connected with CBIA News Digests
The latest news and information delivered directly to your inbox.