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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