April 21, 2017

CT finance chief projects '17 budget surplus

HBJ File Photo
HBJ File Photo
State budget chief Ben Barnes (left) and Gov. Dannel P. Malloy.

Connecticut will likely end the fiscal 2017 with a $19.7 million surplus, Gov. Dannel P. Malloy's budget chief said in an April letter to the state comptroller Thursday.

That surplus, down from a March projection of $22.9 million but higher than Comptroller Kevin Lembo's last forecast of $11.8 million in March, also comes with a projected operating deficit of $29.2 million in the Special Transportation Fund, according to Ben Barnes, secretary of the state Office of Policy & Management.

Revenues this month have been revised downward by $3.8 million, excluding any changes to the personal income tax or income tax refunds, Barnes said. But the corporation tax has been revised upward by $20 million "as that tax continues to outperform its target," Barnes said.

Estimated expenditures are $10 million above the budget plan, he said.

For the Special Transportation Fund, the motor fuels and oil companies taxes fell short of their targets by $3 million and $5 million, respectively, he added.

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